XAUUSD - Spike, peak in 3 weeks, buy scalping
The world gold price increased strongly with spot gold increasing by 24.3 USD to 1,956.5 USD/ounce. August gold futures last traded at $1,962 per ounce, up $24.8 from dawn the day before.
Gold hit the highest point in the world within 3 weeks as the newly released report showed growing growth that was lower than economists' forecasts. Specifically, the report showed that the consumer price index (CPI) in June increased by 3.0% year-on-year, lower than the expected increase of 3.1% and so on. with an increase of 4.0% in the May report. This is the lowest level since March 2021.
Core CPI (excluding volatile food and energy prices) rose 4.8% year-on-year and 0.2% month-on-month. This was lower than economists' forecasts. economy is 5% and 0.3%.
The newly released data favors those who want to see if the US Federal Reserve (Fed) continues to keep current interest rates. According to experts, the data at the end of June 2023 can make the US Federal Reserve (Fed) "breathe". George Mateyo, chief investment officer of Key Private Bank, thinks there has been a positive change. Lam play has good down heat. The Fed said that the June report is proof that its monetary tightening policies have paid off when using deflation in the context that the economy is not stagnant.
Gold hit the highest point in the world within 3 weeks as the newly released report showed growing growth that was lower than economists' forecasts. Specifically, the report showed that the consumer price index (CPI) in June increased by 3.0% year-on-year, lower than the expected increase of 3.1% and so on. with an increase of 4.0% in the May report. This is the lowest level since March 2021.
Core CPI (excluding volatile food and energy prices) rose 4.8% year-on-year and 0.2% month-on-month. This was lower than economists' forecasts. economy is 5% and 0.3%.
The newly released data favors those who want to see if the US Federal Reserve (Fed) continues to keep current interest rates. According to experts, the data at the end of June 2023 can make the US Federal Reserve (Fed) "breathe". George Mateyo, chief investment officer of Key Private Bank, thinks there has been a positive change. Lam play has good down heat. The Fed said that the June report is proof that its monetary tightening policies have paid off when using deflation in the context that the economy is not stagnant.
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Gold rose mainly due to the fall of the US dollar. The DXY index (which measures the greenback's volatility relative to demand for six major currencies) fell from 103 points last week to 101.4 points.
US bond yields also fell to their lowest levels in more than a week.
US bond yields also fell to their lowest levels in more than a week.
✅ TP1: 1960
✅ TP2: 1967
✅ TP3: 1972
🛑 SL: 1949