What is left after the gold CPI news?

Aug 11, 2023

Gold prices make a modest recovery from July 7 lows around the $1911-$1910 region set during the Asian session this Friday and, for now, appear to have broken a four-day losing streak. price. XAU/USD is now trading around the $1,915-$1.916 region, up more than 0.10% on the day, despite a lack of bullish confidence and remains vulnerable.

The US dollar (USD) is having a hard time capitalizing on a solid overnight bounce from over-week lows on weaker consumer inflation figures from the United States (USD) and a pullback. from the vicinity of the monthly high. The softer greenback is seen as the main driver of money flow towards the US dollar-denominated Gold price.

Aug 11, 2023

Note

After the inflation data was released, the dollar fell against other major currencies, making gold more attractive. However, US 10-year bond yields rose in an always-turning session, limiting gold's upside momentum.

Gold is very sensitive to rising US interest rates, as it increases the opportunity cost of holding non-yielding assets like gold.

Aug 11, 2023

Note

The US July inflation data was basically in line with expectations and gold prices are still under pressure as the market continues to digest this data.
Gold prices have had three consecutive days of declines, pressured by rising US Treasury yields and a stronger dollar over the past few weeks.

The U.S. Department of Labor reported Thursday that the consumer price index (CPI) rose 3.2% from a year earlier in July, up from a 3% gain through June and the largest first of the 13-month overall CPI, excluding food and beverages.
The annual core CPI for energy prices fell from 4.8% to 4.7%.

Aug 11, 2023

Note

SELL GOLD SCALP | 1923- 1921

🔴 SL: 1926

🟢 TP1: 1915
🟢 TP2: 1910