Yesterday Wednesday, the overall increase in January CPI in the United States exceeded expectations, supporting the cautious attitude of the Federal Reserve in cutting interest rates.

The data released by the US Bureau of Labor Statistics on Wednesday showed that the month on month growth rate of core CPI, excluding food and energy costs, accelerated to 0.4% in January, the largest increase since March 2024, exceeding expectations of 0.3% and the previous value of 0.2%; The year-on-year growth rate accelerated to 3.3%, higher than the expected 3.1% and the previous value of 3.2%.

The overall CPI month on month growth rate accelerated to 0.5%, the largest increase since June 2024, higher than the expected 0.3% and 0.4% of the previous value. The year-on-year growth rate returned to the top three, at 3%, higher than the previous value and market expectations of 2.9%.

After the data was released, spot gold fell to a low of 2864 in the short term, but then rebounded strongly and returned to above the $2880 mark.

In yesterday's article, I also warned you in advance to be careful of the falling of gold, and as expected, there was a wave of diving.

But this is just a fake move of gold.

Although the lowest point reached 2864, if we look at the hourly chart, gold hasn't even fallen below 2880, it's just a puncture.

As I mentioned in the previous article, gold will definitely not fall until it breaks through 2880, so later we also saw gold rebound to the suppression level between 2900-2910.

I have also mentioned the position of 2900-2910. If we cannot go up, we will either rectify or continue to retrace to the low point.

However, if you stand firmly above 2910, you should be careful that gold will continue to explore the high point of 2940 or even reach a new high.

At present, gold has stabilized above 2910, with the highest opening today reaching above 2920.

So, 2900-2910 is already the current support position for gold.

Furthermore, from the 4-hour chart:

At present, gold has shown a sequence 5 upward signal. If it does not fall below 2900, the time series will continue until tomorrow Friday.

According to the current fluctuations of gold, it is also very crazy to rise in just one or two days.

So, in the last two days of this week, we should be wary of gold testing the high point of 2940 or even higher again.