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Gold gained momentum after weak US Producer Price Index data. US PPI dropped to 0.10% m/m vs. an Estimate of 0.20%. The annual PPI declined to 2.2% in Jul compared to a forecast of 2.3%.
The yellow metal surged to $2476 and is currently trading around $2466. Market eyes US CPI data for further movement.
Any soft CPI will push gold prices higher above $2500.
The annual headline inflation is expected to remain steady at 3%, while core inflation is anticipated to decline to 3.2%.
The near-term resistance is around $2475, any surge past will push the yellow metal to $249/$2500/$2510.
Intraday major support - $2450.
Short-term trend reversal level- $2350.
Minor support- $2420/$2400/$2378.
