Gold continues to go down, entry sell today

World gold prices decreased slightly with spot gold down 12.1 USD to 2,161.4 USD/ounce. Gold futures last traded at 2,166.5 USD/ounce, down 14.3 USD compared to yesterday morning.

World yellow metal prices reversed and decreased slightly in the trading session on March 14 (US time) when the market received more inflation data that was not as expected. The latest report showed that inflation in the US increased slightly higher than expected, helping the US Dollar Index recover and US Treasury bond yields increase.

Accordingly, the producer price index (PPI) increased by 0.6% in February, double the forecast increase of 0.3% over the previous month and the increase of 0.3% in the January report. Previous Meanwhile, in the middle of this week, another report showed that the consumer price index (CPI) increased by 3.2% over the same period last year, higher than experts' forecast of an increase of 3.1%. The core CPI in February increased by 3.8% compared to the expected increase of 3.7%. CPI and PPI data both increased stronger than forecast, fading the prospect that the US Federal Reserve (Fed) will soon cut interest rates.

Technically, April gold futures speculators have a solid overall near-term technical advantage. A four-week steep uptrend is underway on the daily bar chart. The bulls' next upside price objective is to produce a close above solid resistance at $2,203 an ounce. Bears' next near-term price objective is to push futures prices below solid technical support at $2,100 an ounce.