Gold consolidated near a record, falling slightly to the $3.62k–$3.64k/oz range after an earlier surge triggered by weaker-than-expected US PPI. The market now awaits the US CPI (tonight WIB) to determine the size of the Fed's interest rate cut next week—a 25 bps baseline is considered most likely. Lower interest rates typically support gold because they lower the opportunity cost of holding non-yielding assets.
Fundamentally, the bullish narrative remains supported by central bank buying, geopolitical uncertainty, and ETF inflows. However, signs of overbought are emerging, so a "hotter" CPI data risks strengthening the dollar/yield and triggering a short-term pullback. Levels to watch: $3,600 as immediate support and the $3,670 (record) area as resistance; a "cooler" CPI could open the door to a retest of the record.
The price of gold at the time of writing was $3,636/oz.
DISCLAIMER
Note: This article is for analytical purposes only and is not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
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