Gold slides 1.63% with dollar strength accounting for almost 100% of the move

Today the government reported a fractional decline in headline inflation through the release of the August CPI inflation report. The August 2022 CPI report revealed that inflation was both stickier and larger than expected, with the actual numbers exceeding the forecasts by major economists and analysts. The report revealed that headline inflation increased by 0.1% month over month and fell from 8.5% year-over-year in July to 8.3% in August.

Today the Dow gapped below the entire trading range of Tuesday opening at 32,000, trading to a low of 31,104.97, and closing very near the low at 31,104.97. The S&P 500 had a steeper decline giving up 4.32% or 177.72 points, with the largest percentage decline occurring in the Nasdaq composite which lost 5.16%.

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Federal Reserve’s rate decision will factor in the August CPI reportExclusive to Kitco News, technical analyst Gary Wagner provides a daily recap of what happened in the gold market, highlighting important events that captured investors' attention during the U.S. trading session. Wagner's commentary features a mix of fundamental news and technical analysis, noting important support and resistance levels.
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