Jump to content

Gold Prices Approach Potential Support as US Dollar Surges Ahead of US CPI

Recommended Posts

Gold Prices Approach Potential Support as US Dollar Surges Ahead of US CPI

Jul 12, 2022 | DailyFX
Thomas Westwater, Analyst


  • Gold prices slide as economic growth woes send US Dollar surging higher
  • US CPI numbers unlikely to support bullion prices amid hawkish Fed
  • XAU/USD approaches the September 2021 low as technicals deteriorate


XAU prices are down over 4% since July 01, with much of that weakness following last week’s break below the psychologically important 1800 level. A Death Cross, where the 50-day SMA crosses below the 200-day SMA, was another high-profile signal that bodes poorly for the outlook.

Prices are currently near the September 2021 low (1721.71). A move lower would see a support zone around the 1680 level come into view. That level has offered support several times through 2021, making it a prime spot for bulls to regroup if prices continue to slide.


Gold Prices Approach Potential Support as US Dollar Surges Ahead of US CPI

Chart created with TradingView

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
    • Total Posts
    • Total Members
    • Most Online
      10/06/21 10:53

    Newest Member
    Joined 06/10/22 17:07
  • Posts

    • Why is this stock unavailable to open for non-Pro clients? Surely a fund is less risky than an individual stock.
    • Hi @Kgrp74 Thank you for reaching out.  HMRC rules don't allow you to hold foreign currency in an ISA, but you can still buy international shares. The gains on currency conversions are only seen and credited in the account once you sell the shares if the currency rate is favorable to you. We also have to consider the 0.5% spread added to the exchange rate and commission charges which would normally offset your profits.  Thanks, OfentseIG
    • DAX/CAC Technical Highlights: DAX reclaimed broken support, but rally still not viewed as bullish CAC 40 has trend-line resistance ahead to watch on further strength   DAX and CAC 40 Technical Outlook: Rally Viewed as Likely to Fail Soon   DAX Daily Chart   DAX Chart by TradingView   The CAC is trading around resistance in the 6k area, with a trend-line from the summer high lying not too far ahead. A turn down could find some initial support in the 5700s, but the low at 5628 is the big level to watch. Broad outlook is of course very similar to the DAX.   CAC Daily Chart   CAC 40 Chart by TradingView   Oct 6, 2022 | DailyFX Paul Robinson, Strategist
  • Create New...