Gold prices (XAU/USD) attracted some selling at around $1,902 in early European trading on Wednesday. Precious metals face selling pressure as the US Dollar (USD) strengthens ahead of highly anticipated inflation data on Friday. Meanwhile, the US Dollar Index (DXY), a measure of the USD's value against a basket of foreign currencies, rose above 106.20, its highest level since November.
Economic data released Tuesday showed the Conference Board's (CB) consumer confidence rose to 103.0 in September from 108.7 in August, its lowest level in four months and showing the impact impact of rising interest rates as well as concerns about the political environment. Meanwhile, construction permits reached 1.541 million in August compared to 1.443 million previously. The house price index in July increased to 0.8% MoM from 0.4% in the previous reading, higher than the market consensus of 0.5%. New home sales decreased -8.7% in August compared to an 8% increase in July.
Economic data released Tuesday showed the Conference Board's (CB) consumer confidence rose to 103.0 in September from 108.7 in August, its lowest level in four months and showing the impact impact of rising interest rates as well as concerns about the political environment. Meanwhile, construction permits reached 1.541 million in August compared to 1.443 million previously. The house price index in July increased to 0.8% MoM from 0.4% in the previous reading, higher than the market consensus of 0.5%. New home sales decreased -8.7% in August compared to an 8% increase in July.
Comment:
Gold price fell to the psychological support zone of 1900 with a rather weak momentum. The downtrend still exists but this is not a price area that can be sold to chase.
1900 is strong support, the price has rebounded very strongly here. This can be seen as a major obstacle for sellers. If successfully broken the target will be 1885
1900 is strong support, the price has rebounded very strongly here. This can be seen as a major obstacle for sellers. If successfully broken the target will be 1885
Comment:
Purchased 1895 - 1897
SL: 1890
TP1: 1902
TP2: 1910
SL: 1890
TP1: 1902
TP2: 1910
Today, the Japanese Yen fell below 149 degrees, the lowest since October 2022, the US Treasury Secretary said that the situation is extremely urgent. Will BOJ intervene in this price range?