XAUUSD - US Dollar Index Rises Lose Gold's Allure
Updated
The world gold price stood at 1,915 USD/ounce, slightly down 3 USD/ounce compared to the same hour last morning. The US Dollar Index rose 0.13% to 102.63 points, further depriving gold of its appeal to buyers holding other currencies.
New reports show that inflation in the US continues to cool down, and the job market is showing signs of weakness. Specifically, the Consumer Price Index (CPI) for July increased by 0.2%, following a 0.2% increase in June and a 3.2% increase over the year.
This aligns with expectations. However, annual inflation provides a more nuanced picture of consumer prices. Over the past 12 months, the July CPI increased by 3.2% compared to the same period last year, following a 3% increase in June.
New reports show that inflation in the US continues to cool down, and the job market is showing signs of weakness. Specifically, the Consumer Price Index (CPI) for July increased by 0.2%, following a 0.2% increase in June and a 3.2% increase over the year.
This aligns with expectations. However, annual inflation provides a more nuanced picture of consumer prices. Over the past 12 months, the July CPI increased by 3.2% compared to the same period last year, following a 3% increase in June.
Note
Yields on 10-year US government bonds last week increased continuously, from 4% to 4.138%/year, making gold less attractive.Note
Before the strength of the USD and bonds, speculators limited their holdings of precious metals, causing the world gold price to drop to 1,902 USD/ounce last night.Note
BUY XAUUSD zone 1899 - 1902SL: 1896
TP: 1905
TP: 1908
Trade closed: target reached
It's Hit TP2 + 90pips 🧃🧃🧃Note
Immediate support is the 38.2% Fibonacci retracement level at 1903. A confirmatory close under this point exposes the midpoint at 1848. Otherwise, in the event of a turn higher, keep a close eye on the falling trendline from April. This could hold as resistance, maintaining the near-term downside focus.Note
🔹JP_Morgan shares lose $11 billion in one day, and General Motors shares fall to their lowest level in two months.
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