Gold price looks to US CPI data, Fed Minutes and Fedspeak
Gold buyers continued to shrug off the extremely overbought 14-day Relative Strength Index (RSI) conditions, as they clinched another record high at $2,365 on Tuesday.
If a Gold price correction sets in on a hotter US CPI report, the previous record high of $2,331 will be tested
The extension of the Gold price pullback could test the April 4 high at $2,305, below which the April 5 low of $2,268 will be tested.
However, if Gold buyers regain poise on cooling US inflation, a fresh rally toward the $2,400 level cannot be ruled out.
Ahead of that, Gold price needs to take out the $2,370 round figure on a sustained basis. The next upside target is seen at the $2,450 psychological level.
If a Gold price correction sets in on a hotter US CPI report, the previous record high of $2,331 will be tested
The extension of the Gold price pullback could test the April 4 high at $2,305, below which the April 5 low of $2,268 will be tested.
However, if Gold buyers regain poise on cooling US inflation, a fresh rally toward the $2,400 level cannot be ruled out.
Ahead of that, Gold price needs to take out the $2,370 round figure on a sustained basis. The next upside target is seen at the $2,450 psychological level.