1. precious metals tend to be seen as the opportunity cost of holding non-yielding metals, and the US Treasury yields consolidated their weekly rallies on Friday. The 2-year yields stand at 4.99%, while the 5 and 10-year rates are at 4.40% and 4.26%. All three saw mild gains during the session which limited the Gold’s advances on the day.
2 . For next week, investors eagerly await the Consumer Price Index (CPI) and Retail Sales figures from August in the US to continue placing their bets on the next Federal Reserve (Fed) decisions. As for now, markets expect a 25 basis point (bps) hike for the rest of the year but aren’t sure if it will come in November or December. In that sense, the incoming US data will help investors continue modelling their expectations.
⚡️Gold has continuously trended down in recent days, the Fed has emphasized that it will control inflation. along with the recovery of DXY, has made the bearish cycle of gold even stronger.
H4 frame appears a long body candlestick pattern. The market will sideways to accumulate and backtest the resistance of the downtrend, before continuing it.
2 . For next week, investors eagerly await the Consumer Price Index (CPI) and Retail Sales figures from August in the US to continue placing their bets on the next Federal Reserve (Fed) decisions. As for now, markets expect a 25 basis point (bps) hike for the rest of the year but aren’t sure if it will come in November or December. In that sense, the incoming US data will help investors continue modelling their expectations.
⚡️Gold has continuously trended down in recent days, the Fed has emphasized that it will control inflation. along with the recovery of DXY, has made the bearish cycle of gold even stronger.
H4 frame appears a long body candlestick pattern. The market will sideways to accumulate and backtest the resistance of the downtrend, before continuing it.
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⚡️Gold price trades around $1,920 a troy ounce during the early trading hours in the Asian session on Monday. The precious metal struggles to hold ground near the previous weekly close, experiencing minor support due to the retreating in the US Dollar (USD).
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⚡️XAU/USD failed to break above long-term trendline resistance and is currently hovering around the 1925.06 reversal bottom. The RSI indicator shows hesitation among traders without showing any specific trend. Upcoming data releases could fuel the trend with any move to support the USD likely causing gold prices to test resistance once again
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⚡️Gold prices rose on Monday, taking some relief from a drop in the dollar ahead of key inflation data due this week, while copper prices rose sharply as Chinese inflation data showed some signs of improvement
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⚡️Everything is going according to plan
