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GEMFOREX | 2022-08-10 22:34

Abstract：All Eyes on key levels and US inflation

Gold price is easing from near monthly highs ahead of US inflation. US CPI will shape the Fed rate hike policy and market sentiment. XAU/USD sees healthy barriers on both sides amid a sense of caution.

Gold price eyes immediate cushion around $1,785, bears will then attack the previous days low of $1,783, where the SMA5 one-day aligns. The next support awaits at the Fibonacci 38.2% one week at $1,780.

On the upside, a powerful resistance is pegged near $1,791, the meeting point of the SMA10 four-hour and the previous low four-hour.

Acceptance above the previous weeks high of $1,795 is important to unleashing the further upside towards the $1,800 round figure.

Bulls will then aim for the $1,805 and $1,810 resistance levels, the Bollinger Band one-day Upper, and the pivot point one-day R2 respectively.

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