The May CPI jumps 0.6% on a monthly basis and 5% annually, the fastest pace since 2008 as the economic recovery kicks into high gear and energy costs remains skewed to the upside.
Gold prices are contracting within the June opening range, just below critical resistance. These are the levels that matter on the XAU/USD technical charts.
Gold surged more than 13% off the yearly low with the XAU/USD rally stalling this week at technical resistance. Here are the levels that matter on the Gold weekly chart.
Gold Price Forecast: Bull Flag Breakout in Progress - Levels for XAU/USD
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Gold Price Outlook:
Gold prices have held above multi-month bull flag resistance, increasing confidence that a march back to all-time highs has begun.
Weakness in US Treasury yields and the US Dollar (via the DXY Index) are helping give gold prices a fundamental boost on Monday.
According to the IG Client Sentiment Index, gold prices have a mixed bias in the near-term.
Holding onto Gains
Gold prices have continued their advance at the start of the new week gaining just over +0.1% as both US Treasury yields and the US Dollar (via the DXY Index) have softened. Markets continue to keep a close eye on the cryptocurrency world after another wave of intense selling over the weekend was met by a fresh round of dip buyers. Given gold’s success during the cryptocurrency selloff, there’s a strong case to be made that further weakness in crypto markets could help cater to higher gold prices in the