USD & GOLD Market Review September 12, 2024
Real Volume Analysis of Gold in the Gold Future
=> Looking at the chart shows that the market is still very interested in the BULL position and especially the HIGH position at the peak.
Analyze Macroeconomic News with USD Chart
Yesterday we had CPI inflation data, important data to prepare for the September FOMC meeting next week.
What are the data announced yesterday?
- At a glance, we have good data for USD, when one index is higher than expected: 0.3 > 0.2
- But looking closely, we have conflicting data when a 3-star CPI index has lower actual data than before: 2.5 < 2.9
==> However, USD still increased and maintained a higher mark in the current week.
If combined with last week's NONFARM news, we have a rising price channel forming for the USD.
==> But because the CPI data is not standard, I predict that the USD cannot break to the top of 102. Instead, it only sideways around 101.5 and 101.9
SPDR Gold Trust Analysis
2 consecutive days this week, also the first transaction in September. SPDR Gold Trust continues to increase its gold reserves as GOLD continues to increase in price.
Comparing the SPDR and GOLD charts during the US session, we see that the trading volume is at the end of the session and at high prices.
==> Shows that SPDR is still increasing reserves at a high level
Gold Strength Analysis
GoldStrength chart compares to Gold.
GoldStrength is the valuation of Gold in many gold markets in many countries.
This is also the reason why we can see GoldStrength has a bullish breakout structure before GOLD.
Because countries are in the process of cutting interest rates, gold prices in countries such as EUR, GBP, CAD, AUD, USD, .... are increasing due to weakening local currencies.
That's why Gold and USD can increase in phase.
=> Gold Strength had breakthroughs earlier than current Gold.
=> Looking at the chart shows that the market is still very interested in the BULL position and especially the HIGH position at the peak.
Analyze Macroeconomic News with USD Chart
Yesterday we had CPI inflation data, important data to prepare for the September FOMC meeting next week.
What are the data announced yesterday?
- At a glance, we have good data for USD, when one index is higher than expected: 0.3 > 0.2
- But looking closely, we have conflicting data when a 3-star CPI index has lower actual data than before: 2.5 < 2.9
==> However, USD still increased and maintained a higher mark in the current week.
If combined with last week's NONFARM news, we have a rising price channel forming for the USD.
==> But because the CPI data is not standard, I predict that the USD cannot break to the top of 102. Instead, it only sideways around 101.5 and 101.9
SPDR Gold Trust Analysis
2 consecutive days this week, also the first transaction in September. SPDR Gold Trust continues to increase its gold reserves as GOLD continues to increase in price.
Comparing the SPDR and GOLD charts during the US session, we see that the trading volume is at the end of the session and at high prices.
==> Shows that SPDR is still increasing reserves at a high level
Gold Strength Analysis
GoldStrength chart compares to Gold.
GoldStrength is the valuation of Gold in many gold markets in many countries.
This is also the reason why we can see GoldStrength has a bullish breakout structure before GOLD.
Because countries are in the process of cutting interest rates, gold prices in countries such as EUR, GBP, CAD, AUD, USD, .... are increasing due to weakening local currencies.
That's why Gold and USD can increase in phase.
=> Gold Strength had breakthroughs earlier than current Gold.
Nota
The PPI index increased by 0.2% m/m, 0.1% m/m higher than the previous month, according to a report by the US Bureau of Labor Statistics on Thursday. The median forecast in a Bloomberg survey showed economists predicting a 0.1% m/m increase. The PPI index also increased by 1.7% y/y, the lowest level since the beginning of 2024.Nota
World gold prices increased sharply in the trading session on Thursday (September 12), setting an all-time record, after US inflation data increased the possibility of the Federal Reserve (Fed) sharply cutting interest rates. hand next week. In addition, the European Central Bank's (ECB) move to reduce interest rates also supported precious metal prices.Nota
Nota
Gold prices jumped in the international market in the context of the US Federal Reserve's (FED) policy meeting approaching, and the market expected the US to cut interest rates for the first time in recent times. The plummeting USD also supported the strong rise of gold prices.Nota
Gold price this morning reached 2,579 USD/ounce, down 1.5 USD compared to the previous session but still anchored in the record high price range. Previously, there was a time when the gold price reached 2,586 USD, setting an all-time recordNota
Gold has reached a new peak when it exceeded 2,588 USD/ounce.
Gold prices continue to rise and there is no end in sight - especially when central banks are moving to cut interest rates.
Nota
Gold prices retraced most of the session's upward momentum after hitting a historic peak
Gold prices are currently trading around $2,580 on Monday, after hitting an all-time high of $2,589 during the session. Gold prices have stabilized after strong gains on Thursday and Friday but the overall trend remains bullish.
Nota
Gold could confirm a breakout and unless anything big happens in other markets, this would be a bullish sign. So far, nothing has happened in the precious metals sector, while DXY is down. This is a bearish factor, but before concluding, let's learn more.
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🧩Account management
🧩Forex signals have a high win rate
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