GOLD 1H :Be careful, today CPI forecasts are negative for gold!!
GOLD
OUTLOOK
Gold prices fell at settlement under pressure from the rise in the dollar
The continued strength of the US dollar increased the losses in the price of gold, which fell to the support level of 1908 an ounce, its lowest in two weeks. It stabilizes around the level of 1912 per ounce at the beginning of Wednesday’s session, prior to the announcement of the US inflation figures, which will have a strong reaction on the future of the US Federal Reserve’s policy and consequently on the price of the dollar and then gold.
Pay attention to expectations
Inflation is high as everyone expects
Market expectations for US inflation data expected today:
Markets on Wall Street expect August's CPI to show the headline index rose 0.6% in July, boosting the 12-month rate to 3.6% from 3.2%.
They expect core CPI to rise 0.2%, bringing the 12-month rate down to 4.3% from 4.7 in July.
Very strong positive for the dollar
Negative for gold, indices and currencies.
Technical abstract:
The price of gold confirmed breaking the 1916 level after ending yesterday’s trading below it , and then reached to the support 1908 level and rebounds from it , now the price tried to formed a correction after negative impulse so it is possible to retest to 1916 and then drop again to 1908 .
consolidation under 1908 will support the price to drop more and get a negative impulse It is heading towards achieving negative targets starting at 1890 and under that 1890 for mid term
Therefore, we are awaiting further expected decline during the coming sessions, taking into account that breaching 1916 levels will stop the negative scenario and lead the price to begin recovery attempts in the short term.
Pay attention :today news will affect the market directly .If the data is positive and exceeds expected ,Don't think about buying gold
support line :1908 , 1900
resistance line : 1916 , 1930
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
OUTLOOK
Gold prices fell at settlement under pressure from the rise in the dollar
The continued strength of the US dollar increased the losses in the price of gold, which fell to the support level of 1908 an ounce, its lowest in two weeks. It stabilizes around the level of 1912 per ounce at the beginning of Wednesday’s session, prior to the announcement of the US inflation figures, which will have a strong reaction on the future of the US Federal Reserve’s policy and consequently on the price of the dollar and then gold.
Pay attention to expectations
Inflation is high as everyone expects
Market expectations for US inflation data expected today:
Markets on Wall Street expect August's CPI to show the headline index rose 0.6% in July, boosting the 12-month rate to 3.6% from 3.2%.
They expect core CPI to rise 0.2%, bringing the 12-month rate down to 4.3% from 4.7 in July.
Very strong positive for the dollar
Negative for gold, indices and currencies.
Technical abstract:
The price of gold confirmed breaking the 1916 level after ending yesterday’s trading below it , and then reached to the support 1908 level and rebounds from it , now the price tried to formed a correction after negative impulse so it is possible to retest to 1916 and then drop again to 1908 .
consolidation under 1908 will support the price to drop more and get a negative impulse It is heading towards achieving negative targets starting at 1890 and under that 1890 for mid term
Therefore, we are awaiting further expected decline during the coming sessions, taking into account that breaching 1916 levels will stop the negative scenario and lead the price to begin recovery attempts in the short term.
Pay attention :today news will affect the market directly .If the data is positive and exceeds expected ,Don't think about buying gold
support line :1908 , 1900
resistance line : 1916 , 1930
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
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