Gold Price Forecast: XAU/USD moves firmly to near $1880 despite soaring hawkish Fed bets By Sagar_Dua24 Gold XAUUSD Inflation InterestRate Oil
. The precious metal displayed a juggernaut upside move after the release of the US Consumer Price Index on Friday. The bright metal moved higher from $1,828.99 to $1,879.25 swiftly.
The US Bureau of Labor Statistics reported the US CPI at 8.6%, much higher than the prior print and forecasts of 8.3%. Also, the core CPI that doesn’t include food and oil prices rose to 6% from the expectations of 5.9%. It is worth noting that the contribution from the food and oil process in making the inflation situation more horrible is much higher.
On a four-hour scale, the gold price is on the verge of delivering an upside break of its prolonged consolidation formed in a range of $1,825.10-1,876.01. A firmer responsive buying action reported last week from $1,825.10 has strengthened the bullish momentum. The precious metal is auctioning higher from the 50-period Exponential Moving Average at $1,853.15. Meanwhile, the Relative Strength Index has shifted into a bullish range of 60.00-80.00, which adds to the upside filters.
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