READ: Gold Hits New Highs amid U.S. Data.
Gold rises to new record highs after the release of US “factory gate” price inflation.
Risk sentiment is upbeat, however, curbing enthusiasm for the safe-haven.
Gold broke out of its established range and posted new all-time-highs of €2,300/Oz on Thursday after the release of US inflation data in the form of “factory gate” price inflation, or the Producer Price Index (PPI).
Gold spiked to a new record high and the US Dollar (USD) weakens following the release of US PPI and Jobless Claims data today (Thursday 12th Sep 2024).
The US Producer Price Index (PPI) ex Food & Energy rose by 2.4% in August, the same as the 2.4% registered in July. The result came in below expectations of 2.5%, according to data from the US Bureau of Labor Statistics (BLS).
The longer-term trend for Gold is bullish, and since “the trend is your friend,” this increases the odds it will reach an as-yet unachieved bullish target at $2,550, generated after the original breakout from the July-August range on August 14. If Gold breaks above the range highs, commentators feel it will probably rapidly reach its goal.
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Nigel Doolin is Head of Trading at Core Bullion Traders – he can be contacted directly at: nigel@corebulliontraders.ie or Tel: +353 (0)1 447 5975
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Although every effort has been made to undertake this work with care and diligence, Core Bullion Traders do not guarantee the accuracy of any forecasts or assumptions. Nothing contained in this presentation constitutes an offer to buy or sell securities or commodities and nor does it constitute advice in relation to the buying or selling of investments. It is published only for informational purposes. Core Bullion Traders does not accept responsibility for any losses or damages arising directly or indirectly from the use of this presentation or data.
