Gold price today: Waiting anxiously!

The Tuesday trading session holds significant importance for investors as the US Bureau of Labor Statistics prepares to release the Consumer Price Index (CPI) report for February. This report is expected to provide fresh insights into recent inflation trends and guide the Federal Reserve's short-term monetary policy.

According to forecasts, the overall CPI may increase by 0.4% compared to the previous month, reflecting the impact of rising energy costs. This result is predicted to maintain an annual interest rate stability of 3.1%. Meanwhile, the core index is anticipated to rise by 0.3% monthly, causing a slight decrease in the year-on-year rate from 3.9% to 3.7%.

Gold prices fluctuated between 2175-2185 during yesterday's trading session, awaiting information from the CPI report set to be released at 7:30 PM tonight. It is expected that after the news, prices will break the current pattern and form a clear trend, enabling investors to devise short-term trading strategies:

Sell around 2185-2188, with a stop loss at 2191, targeting 2172-2175. Buy around 2173-2175, with a stop loss at 2169, targeting 2186.

Note: It is advised to close positions before the news is announced.

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