Over the two trading days gold futures have traded below $1700 (marked X) and, on both occasions, recovered closing above that case psychological level. So, it is not illogical to wonder whether or not this price point will become a sustainable level of support or simply a pause before gold heads to lower prices.

Market participants are still digesting the financial shockwaves resulting from yesterday’s CPI report. The inflation report revealed that inflationary pressures for goods and services said that inflation is running at a scorching level of 9.1% year on year.

Today’s CPI report revealed that inflation continues to run exceedingly hot at 9.1%, a level not seen since November 1981. According to the U.S.

Tomorrow the Labor Department will release its latest report on “headline” inflation. Headline inflation differs from core inflation in that it includes food and energy costs. It is been food, energy, and housing costs that have greatly impacted the day-to-day lives of lower- and middle-class citizens globally.

Economists, analysts, and market participants are laser-focused on the Labor Department’s CPI (Consumer Price Index) report for June which will be released on Wednesday, July 13. The advanced forecasts released have a common theme or consensus and that is that inflation will continue to run exceedingly hot.