During the European session, the yellow metal gold prices climbed following a speech by U.S. President Donald Trump. Most of the safe-haven appeal triggered after President Trump denies rolling back tariffs, denting the hopes for a positive indication on a U.S.-China trade agreement, provoking traders to explore safe-haven assets.
Just a few minutes back, the U.S. Consumer Price Index accelerated 0.4% in October on a seasonally adjusted data after being stable in September.
Over the year, the all items index grew 1.8% ere seasonal changes. The energy index rose 2.7% in October following recent monthly drops and deemed for more than half of the rise in the seasonally adjusted all items index. The positive surge in CPI is weighing on the gold prices, and it may keep gold bearish during the U.S. session until the release of Fed Chair Powell.
XAU/USD – Daily Technical Levels
Pivot Point 1,454.2
Technically, gold prices have violated the bearish channel, which was extending resistance at 1456 area. The bullish breakout has lead gold prices below 1,466 level, which also marks the double top level. The RSI and MACD here are in favor of a bullish bias.
So here’s a thing, the buyers may enter for further buying above 1,467 level to target 1,474. Elsewhere, gold can trade bearish below 1,466 level today. On the lower side, support can be seen around 1,454. All the best!