Gold has staged an impressive intraday rally post-US CPI, but ultimately remain within the downtrend from the March and August highs. Unlike the USD index or equity markets, gold prices haven’t been able to reverse their post-US CPI move entirely.
, with stubbornly elevated inflation pressures. As a result, US Treasury yields and US real yields turned higher, boosting Fed rate hike odds, initially provoking a rally by the US Dollar and a sharp decline by gold prices.
Nevertheless, there has been a significant reversal across financial markets today in the wake of the CPI reading. US equity markets rallied over +5% from their intraday lows, while the DXY Index swung into negative territory. Gold prices have rallied from their lows as well, but with US yields staying elevated on the session, bullion has not been able to shake off all of its losses. Accordingly, the weak technical structure remains in place.
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