Trading Insights: Gold strengthens; USD weakens; US inflation expectations fall to 4.4%

Chart 1 Source: Tradingview May 09 2023 6:13 UTC

The above chart illustrates US inflation expectations at the one year ahead outlook.

Market Talk

Good news for consumers, better news for investors? US one year ahead consumer inflation expectations move lower

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Today’s trading bullets

• Gold price seven month uptrend seems to be holding firm; current price $2,026, all-time highs in sight at $2,075, downside risk below $1,986.

• Crude oil remains vulnerable towards the downside despite the recent upside move, current price $72.69, resistance at $77.70, support near $63.57 (52 week low).

• SPX500 Index current price $4,133 holding above its 50 day moving average (bullish), prospects for $4,354 as upside extension; downside risk below $3,953.

• GBP/USD current price 1.2630 remains in an uptrend, higher tops and higher bottoms on price (dow pattern daily chart), the focus is on the 1.2670s resistance area which if cleared places 1.3140s as a prospective extension, downside risk seen below the 1.23380s.

Source: Tradingview May 9 2023 6:42 UTC

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Today’s economic calendar

Source: TradingView / J. Knobel May 09 2023 5:56 UTC