Gold Trades Near Recent Lows Following US Inflation Data
Gold prices hovered near recent lows following the latest US Producer Price Index release, as market participants await a decisive directional signal.
📈MarketsPhoto: tradingview.com
Key points
- Gold hovered near recent lows after the US PPI inflation release.
- Prices found key support at 3,870 and resistance capped near 3,923.
- Market participants remain in a sideways consolidation pattern awaiting clear direction.
Gold prices remained stuck in a weak short-term consolidation phase close to recent lows following the release of the latest US Producer Price Index data. The precious metal managed to climb back above the psychological 3,900 level on Friday, offering some relief from earlier downward pressure, though the recovery lacked strong momentum.
During Friday's trading sessions, repeated attempts by buyers to push higher met with persistent selling pressure, topping out near a high of 3,923 before retreating. Conversely, the metal avoided deeper losses, signaling a lack of a clear, one-way trend as the market trades sideways.
Key technical boundaries define the current range for everyday investors and traders. Major resistance sits at 3,923, representing Friday's rebound peak, while critical support rests at 3,870. A breach below the 3,870 floor could trigger further declines toward the 3,852 area, whereas sustained trading inside the range points to continued consolidation.
- Resistance Level: 3,923
- Support Level: 3,870
- Current Range: 3,870 to 3,923
What to watch next: Monitor how prices behave around the 3,870 support and 3,900 resistance levels during Monday's opening session for clues on the next short-term move.
Source tradingview.com — tradingview.com/chart/GOLD/agDHOfaF-Weekly-Outlook-Monday-Trading-S… ↗
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