gold hits new record high above $2,550 after us PPI inflation data gold Rises to new record highs above $2,550 after the release of us Factory gate price inflation risk sentiment is upbeat however curbing enthusiasm for the safe haven gold Zhao USD breaks out of its established range and posts new all-time highs of $2.55 one on Thursday after the release of US inflation data in the form of factory gate price inflation or the producer price index PPI gold pushes to new all-time high following release of us Factory gate inflation data gold spikes to a new record high in the US dollar USD broadly weakens following the release of us PPI and jobless claims data on Thursday the US producer price index PPI X food and energy Rose by 2.4% in August the same as the 2.4% registered in July the result came in below expectations of 2.5% according to data from the US Bureau of Labor Statistics BLS on the month core PPI Rose 0.3% compared to the downwardly revised 0.2% decline in July economists had expected a 0.2% rise headline PPI meanwhile Rose 1.7% in August after a revised down 2.1% rise in the previous month the result was below expectations of 1.8% on a monthly basis PPI Rose 0.2% which compared to the downwardly revised 0.0% registered in July and was above the 0.1% expected us jobs data released at the same time showed initial jobless claims Rose 230k in the week ending September 6th coming in above the revised up 228k of the previous week and was in line with the 230k forecast continuing jobless claims Rose 1.85m which was higher than the previous week's revised up 1.84 5m according to the US Department of Labor technical analysis gold breaks to new all-time highs gold Z USD breaks out of its multi-week sideways range and posts a new high for 2024 at $2,551 during the US session on Thursday Z for United States dollar hour chart pick add the longer term trend for gold is bullish and since the trend is your friend it will probably continuing Rising gold has now met its bullish Target at $2,550 generated after the original breakout from the July August range on August 14th this opens the way to the next upside Target at 20 1,570 the 0.786 Fibonacci ratio of the channel That was in previously extrapolated higher United States producer price index X food and energy mom the producer price index X food and energy released by the Bureau of Labor Statistics Department of Labor measures the average changes in prices in primary markets of the US by producers of Commodities in all states of processing those volatile products such as food and energy are excluded in order to capture an accurate calculation generally speaking a high reading is seen as positive or bullish for the USD whereas a low reading is seen as negative or bearish friends thanks for watching please subscribe my channel for more videos