Gold price plunges for the second consecutive session

Recent tough monetary policy statements by Fed officials have dampened expectations for gold's rise.

The main US and China inflation reports this week will be the focus of the market. The July US Consumer Price Index (CPI) will be released on Thursday, followed by the Producer Price Index (PPI) on Friday.

July CPI is expected to increase slightly compared to the increase of 3.0% in June and the increase of 3.3% in the same period last year. PPI in July is also expected to increase compared to June.

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Yesterday, the gold price dropped to $1,923, which is also the Fibo 61.8 Demand Zone. It then had a correction to $1,932 but weakened again, forming lower lows. This could lead to further price declines today, especially if it closes below the EMA200. The H1 chart shows a continuous downtrend along the Trendline. The current key level is $1,932xx and needs to be broken.

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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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🟢Gold reverses its losses as inflation in America rose less than expected.

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World gold price continued its downtrend, USD rose again after US inflation data.

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Spot gold was down 0.4% to $1,906.69 per ounce by 1224 GMT, hitting its lowest level since July 6. U.S. gold futures fell 0.4% to $1,938.60.