Gold price side-lined ahead of US CPI print
Spot gold’s drop from its $2,088 per troy ounce late-December peak amid an appreciating US dollar has led to Monday’s $2,017 low being reached, above which the precious metal has been range trading ever since.
Slightly further down support can be found along the 55-day SMA at $2,015 and, more importantly, between the October and late-November highs at $2,009 to $2,007.
Resistance above Wednesday’s $2,040 high can be seen along the December-to-January downtrend channel resistance line at $2,044 and also at Friday’s $2,064 peak. While remaining below it, downside pressure should retain the upper hand.