U.S. Core Consumer Price Index (CPI)
The U.S. Core Consumer Price Index (CPI) MoM for the month of July is scheduled to be released on Aug 10, 2023 at 8:30 EST/1:30 GMT.
The Core Consumer Price Index (CPI) measures the changes in the price of goods and services, excluding food and energy. The CPI measures price change from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.
Gold Price Forecast – Fundamental Analysis
There are two major events currently affecting the gold price; Russia and Ukraine war and the recent US ratings downgrade followed by Fitch Rating from AAA to AA+
The latest economic data in the US have impacted the predicted future interest rates by the Fed. It looks like there might be a pause before any potential rate cuts until early 2024. If the US dollar goes down in value, it could result in a higher price for gold. However, upcoming fundamental economic data, such as the US CPI later this week, will play a role in shaping the overall story.
Gold Price Forecast – Technical Analysis
According to our Weekly Forecast on Gold, gold failed to break above the 50-day moving average of $1,945, and the bears were able to take control of the market. The price of gold is currently at $1924 as at Aug 10, 2023 at 9:15am EST/2:15pm GMT with the potential of reaching $1,930 to $1925 support area when the US Market opens today. Furthermore, in case the market weakens further, there is a possibility of prices reaching the next major support between 1906 and 1896.
What next for Gold Price – Core Consumer Price Index (CPI) MoM on August 10, 2023 at 8:30 EST/1:30 GMT
We can examine the recently released CPI data from the last five months to provide traders with valuable insights on what to anticipate and how to approach upcoming news.
- July’s data indicated that the actual figures were 0.1% lower than the forecast, leading to a jump in the price of gold
- In June, the actual figures matched the forecast, causing the price of gold to experience initial fluctuations, followed by an upward movement to the next resistance level; eventually, however, bears exerted pressure, driving the price downward.
- The situation in May’s and April’s data replicated what was observed in June.
- Conversely, for March, the actual figures exceeded the forecast by 0.1, resulting in a decrease in the price of gold.
| Release Date | Time | Actual | Forecast | Previous |
|---|---|---|---|---|
| Aug 10, 2023 (Jul) | 8:30 EST/1:30 GMT | 0.2% | 0.2% | |
| Jul 12, 2023 (Jun) | 8:30 EST/1:30 GMT | 0.2% | 0.3% | 0.4% |
| Jun 13, 2023 (May) | 8:30 EST/1:30 GMT | 0.4% | 0.4% | 0.4% |
| May 10, 2023 (Apr) | 8:30 EST/1:30 GMT | 0.4% | 0.4% | 0.4% |
| Apr 12, 2023 (Mar) | 8:30 EST/1:30 GMT | 0.4% | 0.4% | 0.4% |
| Mar 14, 2023 (Feb) | 8:30 EST/1:30 GMT | 0.5% | 0.4% | 0.4% |
With the above information, traders should be prepared and adjust accordingly with the CPI data to be released.
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