XAUUSD: Forecast to fall to 1935
However, Gold prices continue to receive support from the sluggish performance of US government bond yields. US annual CPI is expected to increase 3.3% in October, compared to a 3.7% increase in September. Core CPI is expected to increase 4.1% YoY in October. Monthly headline inflation is expected to ease to 0.1 %.
In case the annual CPI rises higher than expected, the recent hawkish thesis could be reinforced. Last Friday, Fed Chairman Powell said the FOMC is committed to a tightening policy stance to reduce inflation to 2%.
A drop today to $1,952 followed by a recovery to 1965 and a drop to $1935 would trigger a decline near the $1,925 area, including the 50 and 100-day SMA.
In case the annual CPI rises higher than expected, the recent hawkish thesis could be reinforced. Last Friday, Fed Chairman Powell said the FOMC is committed to a tightening policy stance to reduce inflation to 2%.
A drop today to $1,952 followed by a recovery to 1965 and a drop to $1935 would trigger a decline near the $1,925 area, including the 50 and 100-day SMA.
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