Gold Price Trades to A Fresh Monthly High ($1775).

Gold

Gold price trades to a fresh monthly high ($1775) as it extends the series of higher highs and lows from last week, but the Relative Strength Index (RSI) may offer a textbook sell signal for the precious metal should the oscillator struggle to hold above 70.

The price of gold has cleared the September high ($1735) as the larger-than-expected slowdown in the US Consumer Price Index (CPI) fuels speculation for a smaller Federal Reserve rate hike in December, and bullion may attempt to retrace the decline from the August high ($1808) as long as Treasury yields remain under pressure.

There are growing expectations for a shift in the Fed’s hiking-cycle may keep the price of gold afloat as the CME FedWatch Tool reflects a higher than 80% probability for a 50bp hike, and the bullish price action may persist over the coming days as growing number of FOMC officials show a greater willingness to shift gears.

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