Gold pared some of its gains after the strong
US inflation. The yellow metal hit a high of $2319
yesterday and is currently trading around
$2336.84.
the annual CPI rose 3.5% in Mar (the biggest
gain since Sep 2023), compared to an estimate
of 3.4%. Core CPI surged 0.40% in March vs. the
Estimate of 0.30%. Fed minutes show that the
central bank needs more evidence that
inflation is cooling
Technical:
The near-term support is around $2300, The
yellow metal faces minor resistance around
$2365 and a breach above will take it to the
next level of $2400
signal
Buy $2320 with SL around $2300 for TP of $2400.