Gold value clings to the essential downward-sloping 50-Daily Moving Average (DMA) at $1,787 amid pre-US inflation cautious buying and selling. XAUUSD consumers want softer US CPI for a large break above the $1,800 mark, FXStreet’s Dhwani Mehta studies.
Bullion merchants to stay non-committal beneath the $1,800 mark
“A softer US inflation reading could offer the much-needed impetus to gold bulls for crossing the $1,800 threshold, as it would pour cold water on super-sized Fed rate hike expectations.”
“A failure to sustain above the 50 DMA at $1,787 will open up a renewed downside towards the previous day’s low of $1,771, below which the $1,765 demand area will come into play. The August 3 high of $1,754 and the $1,750 psychological level will be on sellers’ radars.”
“Buyers need acceptance above the $1,800 mark to continue with its recovery momentum. Bulls will then guard the July 5 high at $1,812 should the upbeat momentum pick up steam.”