Support levels for gold are in place ahead of key data, James Stanley notes

Support levels for gold are in place ahead of key data, James Stanley notes
Gold support levels ahead of CPI

Gold has support levels established ahead of upcoming CPI data. James Stanley, senior strategist at DailyFX, described $4,000 as an important level for the metal, noting that the locations and timing of potential buyers will be important for gauging sentiment. He also pointed to $4,067 and $4,021 as nearby levels.

Stanley previously noted spot gold's resilience, highlighting its approach to the longest streak without a weekly close under $4,000, with market attention focused on the FOMC meeting at the time. In an earlier commentary, he identified sellers near $4,200 and pointed to $4,235 as a level needed to trigger further movement in the metal. For more, see his overview of spot gold’s weekly performance and analysis of consolidation near $4,200.

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