GOLD 9/8 : What will happen to the gold CPI news?

Gold prices attracted some buying power during the Asian session on Wednesday and partially recovered the previous day's losses to the $1,923-$1,922 region, or four-week lows. XAU/USD is now trading just below $1,930, up nearly 0.20% on the day, though any meaningful upside still seems elusive.

A generally softer tone around the equity markets, coupled with a modest drop in the US Dollar (USD), turned out to be the main support factor for Gold prices. Weaker China trade data released on Tuesday raised concerns about a worsening outlook for the world's second-largest economy. In addition, Moody's downgraded the debt ratings of a number of US banks and reduced investor demand for riskier assets. Anti-risk money flows tend to favor safe-haven precious metals.

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Risk sentiment acted as the main driver so far this week. D
The US dollar extended its upbeat momentum, as venture capital flows dominated for a second straight day on Tuesday, as concerns about China's growth joined banking problems. global goods are recurring.

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Gold prices fell for the second consecutive session on Tuesday. The drop was due to a further drop in open interest, which should support a near-term recovery. So far, the $1900 area emerges as good competition for the time being.

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SELL GOLD | 1939 - 1936

🔴 SL: 1944

🟢 TP1: 1928
🟢 TP2: 1920

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🕯 SELL GOLD | 1945 - 1942

🔴 SL: 1950

🟢 TP1: 1932
🟢 TP2: 1922

🕯 BUY GOLD | 1890 - 1893

🔴 SL: 1885

🟢 TP1: 1903
🟢 TP2: 1913

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USD🇺🇸 CPI (YoY) (Jul)
Previous: 3.0%
Expect: 3.3%
Current: 3.2%
Result: Negative for USD🇺🇸