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David Becker

Gold prices edged lower and continued to trade sideways as the dollar was moving lower. US yields traded sideways despite stronger than expected retail inflation wholesale inflation. U.S. consumer prices rose solidly in August, with the cost of used cars and trucks increasing to a 51-year high as Americans moved away from public transportation because of fears of contracting COVID-19.

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Technical analysis

Gold prices edged sideways and unable to pierce through downward sloping trend line resistance seen near and edge through resistance near 1,960. Short term support is seen near the 10-day moving average near 1,944. Additional support is seen near the 50-day moving average at 1,919. Medium-term negative momentum is decelerating as the MACD histogram is printing in the red with a rising trajectory which points to consolidation. Short-term momentum has turned positive as the fast stochastic generated a crossover buy signal. The relative strength index is moving sideways to higher which is a sign of accelerating positive momentum.

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CPI Rose More than Expected

The consumer price index increased 0.4% in August, also lifted by gains in the costs of gasoline, recreation and household furnishings and operations. The CPI advanced 0.6% in both June and July after falling in the prior three months as business closures to slow the spread of the coronavirus depressed demand. On a year over year basis, the CPI increased 1.3% after gaining 1.0% in the 12 months through July. Expectations had been for CPI would rise 0.3% in August and climb 1.2% on a year-on-year basis. Excluding the volatile food and energy components, the CPI gained 0.4% last month after surging 0.6% in July.

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