CPI Day

If you've been following along with the daily podcasts, then you know that we've been discussing how Comex gold was due for a pullback with overbought RSI readings north of 80 and ten consecutive green candles. With a slightly hotter-than-expected CPI, the pullback has begun.

The question is...how long will the pullback continue? Is this just a one day deal or will price extend even lower? Let's look for some potential support zones later today but, for now, let's assess what has taken place this morning.

You'll recall the CPI expectations that we discussed yesterday....

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Key Economic Events Week of 5/28

5/28 9:00 ET Case-Shiller home prices
5/28 10:00 ET Goon Kash-n-kari
5/28 10:00 ET Consumer Confidence
5/28 1:00 ET Goons Cook and Daly
5/29 1:45 ET Goon Williams
5/29 2:00 ET Beige Book
5/30 8:30 ET Jobless claims
5/30 8:30 ET Q1 GDP 2nd guess
5/30 8:30 ET Wholesale inventories
5/30 10:00 ET Pending home sales
5/30 12:00 ET Goon Williams again
5/31 8:30 ET PCE and Core PCE
5/31 8:30 ET Personal Inc and Spend
5/31 9:45 ET Chicago PMI

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