Gold markets have rallied during the session on Tuesday as we have seen CPI numbers in the United States come out at 7.1% year-over-year.
Typically, the US dollar will rise, and gold will fall. However, that does not necessarily have to be the case, especially in recessionary times. Because of this, the initial shot higher by gold was probably the negative correlation between USD and XAU. However, there is the possibility that Jerome Powell will do everything he can to talk down the market, at least from a risk appetite situation.
It’s also worth noting that we sold off quite a bit from the highs of the day, so that tells you that we are really starting to focus on the Federal Reserve and have looked beyond the inflation numbers already. If we were to turn around and break down below the 200-Day EMA, then it’s possible that we could go down to the 50-Day EMA. If we were to break down below that level, it would be very negative for gold, but I cannot help but notice that we have a massive “W pattern” that we have been hanging around for a while, and now it looks like we are going everything we can to break out of it.
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