gold trading strategy november 14, 2023
Updated
Gold prices continued to rise today as investors await this week's US inflation data to assess the US Federal Reserve's interest rate roadmap.
The consumer price index is expected to rise 3.3% year-on-year, compared with the 3.7% increase reported in September. Core CPI is expected to rise 4.1%, unchanged from September.
Bob Haberkorn, senior market strategist at RJO Futures, said gold would likely fall if the data shows that inflation is higher than expected, increasing the likelihood of further rate hikes. . “But if the data is correct, gold will trade at $1,950,” the expert added. Gold fell 3% last week, dropping by more than $60, as demand as a safe-haven asset weakened and Fed Chairman Jerome Powell's hawkish comments dampened expectations for rate cuts.
According to the CME FedWatch tool, markets are pricing in an 85% chance that the Fed will keep rates unchanged at its December meeting and a 75% chance that it will cut rates next July.
The consumer price index is expected to rise 3.3% year-on-year, compared with the 3.7% increase reported in September. Core CPI is expected to rise 4.1%, unchanged from September.
Bob Haberkorn, senior market strategist at RJO Futures, said gold would likely fall if the data shows that inflation is higher than expected, increasing the likelihood of further rate hikes. . “But if the data is correct, gold will trade at $1,950,” the expert added. Gold fell 3% last week, dropping by more than $60, as demand as a safe-haven asset weakened and Fed Chairman Jerome Powell's hawkish comments dampened expectations for rate cuts.
According to the CME FedWatch tool, markets are pricing in an 85% chance that the Fed will keep rates unchanged at its December meeting and a 75% chance that it will cut rates next July.
Note
BUY XAU 1945 - 1950TP1: 1965
TP2: 1970
SL: 1935
Note
Gold is running quite slowly this morningNote
running + 10 pipsNote
TP2Note
We had good profits today
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