Wednesday's U.S. inflation report will be closely watched by market participants. Unexpected outcomes may unleash volatility, prompting dramatic shifts in gold prices.
While April's PPI figures topped estimates, a downward revision from the previous month softened the impact. In addition, traders were reassured that the gains were primarily driven by portfolio management services, a sector with limited influence on the broader economy. Importantly, many PPI components that feed into the core PCE deflator saw only modest increases, suggesting that the disinflationary trend is not entirely dead.
Following a sluggish start to the week, gold prices rebounded on Tuesday, reclaiming the $2,350 mark. Should gains accelerate in the upcoming trading sessions, the next technical obstacle lies near trendline resistance at $2,370. Clearing this barrier could fuel increased buying activity, setting the stage for a potential rally towards $2,420, and even $2,430.
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