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June 17, 2024
PI Global Investments

Oil, gold and silver prices stabilize ahead of US CPI print

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.

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