XAUUSD 10/8 : CPI is approaching

Aug 10, 2023

Gold (XAU/USD) prices fell to a one-month low as they fell to $1,914 in the early hours of the Asian session on Thursday. With that said, the precious metal doesn't welcome any positive news from China, or a drop in the US Dollar ahead of US inflation data. The reasons could be related to market concerns about the health of the banking industry and the global economy.

If the US inflation data turns upbeat, Gold Price could soon breach the key support level and slide below the $1,900 support while the upbeat outcome could trigger a corrective rally. correction has been long awaited.

Aug 10, 2023

Note

This is a very important data affecting the Fed meeting. Although the Fed's meeting and the rate decision will not take place until September, meaning they will still be exposed to another August inflation data report to decide, basically the inflation Rising inflation will help the USD continue to strengthen its position

If tonight's CPI data shows that inflation has picked up and remains strong, the expectation that the Fed will continue to raise interest rates will increase, which will put downward pressure on gold prices. On the other hand, if the release data shows lower-than-expected inflation, this will reinforce the market's view that the Fed will not need to raise interest rates anymore thereby supporting gold prices.

Aug 10, 2023

Note

Risk sentiment acted as the main driver this week. D.
The US dollar extended upbeat momentum as venture capital outflows dominated for a second straight day on Tuesday, fueled by concerns about China's growth coupled with banking problems. Global commodities are recurring.

Attention now turns to the all-important US CPI data on Thursday for the fresh direction of the US Dollar, as well as Gold prices, as it will provide fresh hints on the route. interest rate of the US Federal Reserve (Fed) on this Year's balance.

Aug 10, 2023

Note

Gold (XAU/USD) prices have found an intermediate buffer after hitting new monthly lows on Thursday. The precious metal remains in a tough spot as upcoming action will be guided by the pace of inflation in the July US Consumer Price Index (CPI) data on inflation. Gold price fails to find meaningful support despite US Dollar drop. It seems that the impact of reduced demand from central banks is still intact.

Aug 10, 2023

Note

🕯 SELL GOLD | 1945 - 1942

🔴 SL: 1950

🟢 TP1: 1932
🟢 TP2: 1922

🕯 BUY GOLD | 1890 - 1893

🔴 SL: 1885

🟢 TP1: 1903
🟢 TP2: 1913

Aug 10, 2023

Note

USD🇺🇸 CPI (YoY) (Jul)
Previous: 3.0%
Expect: 3.3%
Current: 3.2%
Result: Negative for USD🇺🇸