Gold will be impacted by the U.S Consumer Price Index inflation report today. The precious metal remains near important support ratios. Patience will be critical for traders participating in the commodity today.
Caution Better than Valor Today for Gold
Only patient or extremely courageous short term traders should attempt to trade Gold today. The precious metal is floating above key support levels as it traverses a rather choppy mid-term range. The value of Gold is near 1319.00 U.S Dollars per ounce.Today’s Consumer Price Index data from the U.S will impact the broad markets including the precious metal. Gold has come off highs it achieved mid-February, and is testing low water marks seen early in January before it began its push upwards.
Waiting for Inflation Momentum to Impact Gold
Important support rests near 1313.00 U.S Dollars, while resistance appears to be around 1334.00 U.S Dollars. Speculators who believed inflation would create momentum for Gold have been left waiting, but today’s U.S data could alter the dynamics for the precious metal.Traders need to be cautious with Gold, and have the ability to withstand choppy conditions which are sure to transpire. However, patient investors may continue to seek upside values.
In the short term we believe Gold may be positive. Mid-term and Long term we are unbiased.