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Will CPI Drive Metal Prices?

Because the CPI comes out in the morning, the Fed members will have the CPI numbers in hand to inform their dot plot. Traders are going to be asking when and if we will have a rate cut this year.

In the gold market, if it wanted to extend the break it's had following the jobs report Friday, it could get to the 18-day average. You still have a bullish bias as long as you close above the 18-day average today.

In terms of market momentum, gold is oversold.

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