Article by: ETO Markets

According to US data, the Producer Price Index increased 2.1% YoY and 0.2% MoM in March, which was less than anticipated. The core annual PP increased by 2.4%, surpassing both the 2.1% reported in February and the 2.3% predicted. Additionally, initial jobless claims increased by 211K for the week ending April 5, which was less than the 215K forecast and a decrease from the previous 222K. With the slower-than-expected PPI, the US Dollar lost some territory, but it gained it again after Wall Street opened because the stock market was unable to maintain its early gains.

If XAU/USD decisively surpasses the $ … area, it would pave the way to challenging the psychological $… mark. Further upside is seen at $… and $... On the other hand, if the precious metal’s price drops below $…, look for a challenge of the April 10 low of $…, followed by the April 8 daily low of $...