Today's Forex Commentary

Gold fell late in the North American session, down by 0.18%, after hitting a daily peak of $2,529. US inflation data prompted traders to cut longs in the non-yielding metal due to increasing odds that the Federal Reserve (Fed) will kick off its easing cycle with a 25-basis-point (bps) interest rate cut. The XAU/USD trades at $2,511.

Sentiment remains positive after the US Bureau of Labor Statistics revealed August’s Consumer Price Index (CPI). Monthly headline inflation remained unchanged, while the monthly core, which excludes food and energy, ticked up a tenth.

Gold opened at around 2513 and rose to around 2514 at the highest and around 2511 at the lowest before press time.Pay attention to the resistance of 2530-2540-2550. If it fails to break through, it will test2500-2490-2480