The gold eased last week with the easing of commodities and energy prices amid the correction of the equities market. After sliding from
960 and closing below it for 2 consecutive weeks. The gold has come under further technical pressure to decline below 942.8$ reaching 925.88$ last week failing to be sustained again above 940$ resistance and the falling of May US CPI Index by 1.3% y/y broadly and the core figure excluding the food and energy decreasing to 1.8% y/y could cap it last week from breaking above it again as the market was waiting for a slide by just .9% after April slide by .7% broadly and was waiting for the core to be as the same as April at 1.9%. The data shows that the inflation pressure is still tamed negatively impacted by the recessionary pressure unflattering of the recent increases of the commodities and energy prices which pushed the oil barrel above 70$. Best wishesFX Consultant Walid Salah El Din E-Mail: snipped-for-privacy@fx-recommends.com
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