Ready, focus on CPI data this trading day
The US dollar and US bond yields rose slightly after US producer price data reinforced hopes of a Federal Reserve rate cut in September, while gold prices hovered near highs all-time record set in July.
XAUUSD attracted some profit-taking as it approached monthly highs tested earlier on Tuesday and pared Monday's sharp gain of more than 1%.
Overall positive sentiment in equity markets has dampened demand for traditional safe-haven assets and weighed on precious metals amid a market focus on closely watched inflation data. of America.
In terms of the fundamental picture, gold still has a lot of support to become a top priority
Investors remain concerned about the possibility of broader conflict in the Middle East and the impact of the protracted Russia-Ukraine conflict.
In addition, the dovish expectations of the Federal Reserve (Fed) will no longer support the US Dollar (USD) and will act as a favorable tailwind for gold prices.
Data released Tuesday showed U.S. producer prices rose less than expected in July, suggesting inflation continued to slow.
Traders now await US consumer price index (CPI) data for July today (Wednesday) and retail sales data due (Thursday) for further impetus to the move. The next policy stance of the US central bank.
Today (Wednesday), investors will receive more important US consumer price index (CPI) data. Markets generally expect that if inflation continues to show signs of slowing, the Federal Reserve may adopt a more accommodative monetary policy stance.
Surveys show that the annual US CPI increase in July is expected to remain at 3.0%. Annual core CPI growth is expected to slow to 3.2% from 3.3% last month.
If the CPI data is lower than expected, this will further pave the way for the Federal Reserve to cut interest rates, and support gold prices.
On the geopolitical side
According to sources from Reuters, Iranian officials said: Only a ceasefire in Gaza can delay retaliation
Three senior Iranian officials said that only a ceasefire in Gaza during negotiations expected to take place this week will prevent Iran from retaliating against Israel's assassination of Hamas leader Ismail Haniyeh on its territory, Reuters reported. news on Wednesday.
A senior Iranian security official, said Iran would launch a direct attack with allies such as Hezbollah if the Gaza talks fail or if Iran believes Israel is delaying the talks. .
Over the weekend, Hamas expressed doubts whether ceasefire negotiations could continue. Israel and Hamas have held several rounds of talks in recent months but have failed to reach a final ceasefire agreement.
Analysis of technical prospects forXAUUSD
After gold decreased and corrected from the 0.618% Fibonacci extension towards 2,455 USD, as noted by readers in yesterday's edition, it has now recovered slightly and lost the corrective downward momentum.
In the short, medium and long term, the technical structure as well as the trend is still an uptrend. With gold breaking above the 0.618% Fibonacci level, it will open a new uptrend. With a short-term target at 2,484 USD (all-time high) and more than the original price of 2,500 – 2,505 USD.
As long as gold remains above the $2,455 – $2,448 area, it will still have a bullish short-term technical outlook, and the main trend is noticed by the price channel and the main support is noticed by the EMA21.
During the day, the technical outlook for gold prices is still bullish as the Relative Strength Index is still a long way from reaching the oversold area, showing that there is still room for growth ahead. And the notable prices will be listed again as follows.
Support: 2,455 – 2,448USD
Resistance: 2,471 – 2,484 – 2,500USD
🪙SELL XAUUSD | 2501 - 2499
⚰️SL: 2505
⬆️TP1: 2494
⬆️TP2: 2489
🪙BUY XAUUSD | 2424 - 2426
⚰️SL: 2420
⬆️TP1: 2431
⬆️TP2: 2436
XAUUSD attracted some profit-taking as it approached monthly highs tested earlier on Tuesday and pared Monday's sharp gain of more than 1%.Overall positive sentiment in equity markets has dampened demand for traditional safe-haven assets and weighed on precious metals amid a market focus on closely watched inflation data. of America.
In terms of the fundamental picture, gold still has a lot of support to become a top priority
Investors remain concerned about the possibility of broader conflict in the Middle East and the impact of the protracted Russia-Ukraine conflict.
In addition, the dovish expectations of the Federal Reserve (Fed) will no longer support the US Dollar (USD) and will act as a favorable tailwind for gold prices.
Data released Tuesday showed U.S. producer prices rose less than expected in July, suggesting inflation continued to slow.
Traders now await US consumer price index (CPI) data for July today (Wednesday) and retail sales data due (Thursday) for further impetus to the move. The next policy stance of the US central bank.
Today (Wednesday), investors will receive more important US consumer price index (CPI) data. Markets generally expect that if inflation continues to show signs of slowing, the Federal Reserve may adopt a more accommodative monetary policy stance.
Surveys show that the annual US CPI increase in July is expected to remain at 3.0%. Annual core CPI growth is expected to slow to 3.2% from 3.3% last month.
If the CPI data is lower than expected, this will further pave the way for the Federal Reserve to cut interest rates, and support gold prices.
On the geopolitical side
According to sources from Reuters, Iranian officials said: Only a ceasefire in Gaza can delay retaliation
Three senior Iranian officials said that only a ceasefire in Gaza during negotiations expected to take place this week will prevent Iran from retaliating against Israel's assassination of Hamas leader Ismail Haniyeh on its territory, Reuters reported. news on Wednesday.
A senior Iranian security official, said Iran would launch a direct attack with allies such as Hezbollah if the Gaza talks fail or if Iran believes Israel is delaying the talks. .
Over the weekend, Hamas expressed doubts whether ceasefire negotiations could continue. Israel and Hamas have held several rounds of talks in recent months but have failed to reach a final ceasefire agreement.
Analysis of technical prospects for
XAUUSD After gold decreased and corrected from the 0.618% Fibonacci extension towards 2,455 USD, as noted by readers in yesterday's edition, it has now recovered slightly and lost the corrective downward momentum.
In the short, medium and long term, the technical structure as well as the trend is still an uptrend. With gold breaking above the 0.618% Fibonacci level, it will open a new uptrend. With a short-term target at 2,484 USD (all-time high) and more than the original price of 2,500 – 2,505 USD.
As long as gold remains above the $2,455 – $2,448 area, it will still have a bullish short-term technical outlook, and the main trend is noticed by the price channel and the main support is noticed by the EMA21.
During the day, the technical outlook for gold prices is still bullish as the Relative Strength Index is still a long way from reaching the oversold area, showing that there is still room for growth ahead. And the notable prices will be listed again as follows.
Support: 2,455 – 2,448USD
Resistance: 2,471 – 2,484 – 2,500USD
🪙SELL XAUUSD | 2501 - 2499
⚰️SL: 2505
⬆️TP1: 2494
⬆️TP2: 2489
🪙BUY XAUUSD | 2424 - 2426
⚰️SL: 2420
⬆️TP1: 2431
⬆️TP2: 2436
ノート
⭕️Iranian source "Yesna": "Responding to Israel is not linked to the Gaza agreement".ノート
The headline CPI slowed on an annual basis from July to an increase of just 2.9%, below expectations of 3%, and below the previous reading of 3%.
ノート
ノート
A FED MEMBER MAKES IMPORTANT COMMENTS ON INTEREST RATES
St. Louis Federal Reserve President Alberto Musallem said the time is near for the U.S. central bank to cut interest rates.
ノート
Gold prices pared gains on Thursday (August 15), as the dollar and bond yields rose after stronger-than-expected U.S. economic data could affect the scope of interest rate cuts from the Federal Reserve.ノート
🔻The dollar held near a two-week high against the yen on Friday after posting its biggest daily gain against major currencies in four weeks, as strong U.S. economic data eased fears the economy was entering a recession.ノート
Ending last week (August 12 - August 17), world gold price closed at 2,507 USD/ounce, an increase of 2.8% after one week. Previously, there was a time when precious metals reached 2,508.9 USD/ounce, the highest ever. This is a new peak, surpassing the old record of 2,483 USD/ounce in the July 19 session.
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🧩Get an average of 1200 pips per month
🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
🚨🚨🚨FREE SIGNALS: t.me/+8q3AxDD9CsRjYzI1
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