XAUUSD

After the inflation data announced yesterday, which led to a decline in the dollar and bond yields, gold has experienced a strong rally. Today, it will focus on the PPI data that will indicate the trend of inflationary pressures. If the PPI fails to meet expectations or comes in lower, it may signal that the Fed has more flexibility, allowing for the continuation of a positive trend for the precious metal. In this case, levels of 3390.63 (Resistance 2) and 3413.19 (Resistance 3) could come into play above the 3375.66 (Resistance 1) level. However, a possible surprise in the data with a strong PPI could lead to a reversal of some of yesterday's gains, pulling prices down to the pivot level of 3345.51 and below to the support level of 3330.54 (Support 1).