GemForex - XAU/USD

Gold price is easing from near monthly highs ahead of US inflation. US CPI will shape the Fed rate hike policy and market sentiment. XAU/USD sees healthy barriers on both sides amid a sense of caution.

Gold price eyes immediate cushion around $1,785, bears will then attack the previous days low of $1,783, where the SMA5 one-day aligns. The next support awaits at the Fibonacci 38.2% one week at $1,780.

On the upside, a powerful resistance is pegged near $1,791, the meeting point of the SMA10 four-hour and the previous low four-hour.

Acceptance above the previous weeks high of $1,795 is important to unleashing the further upside towards the $1,800 round figure.

Bulls will then aim for the $1,805 and $1,810 resistance levels, the Bollinger Band one-day Upper, and the pivot point one-day R2 respectively.