XAUUSD's next move August 22, 2023
Since that meeting, key data has shown that price and wage pressures continue to ease, which should reinforce the possibility of an end to rate hikes. Even so, strong indicators of labor market activity and consumer spending could also make policymakers uneasy about the outlook for inflation to continue to ease.
World gold still traded at the lowest level within 5 months in the first session of the week. The precious metal's rally is still being capped by rising US Treasury yields, with the technical chart remaining in a downtrend.
The drop in gold prices is also in line with the fact that yields on US Treasuries and the dollar index have both risen for five consecutive weeks and are currently at high levels. Gold prices have started a downtrend since mid-July when the dollar appreciated.
Last week, US inflation data also showed July CPI at 3.2%, core CPI at 4.7%, albeit lower than expected 3.3% and 4.8% respectively. , but it was the first month of inflation rebounding since July 2022 and still well above the US Federal Reserve's 2% target, putting pressure on the Fed to act more. more to control inflation.
XAUUSD SELL 1900 -1902🕯
✅ TP1: 1897
✅ TP2: 1892
️ SL: 1906
World gold still traded at the lowest level within 5 months in the first session of the week. The precious metal's rally is still being capped by rising US Treasury yields, with the technical chart remaining in a downtrend.
The drop in gold prices is also in line with the fact that yields on US Treasuries and the dollar index have both risen for five consecutive weeks and are currently at high levels. Gold prices have started a downtrend since mid-July when the dollar appreciated.
Last week, US inflation data also showed July CPI at 3.2%, core CPI at 4.7%, albeit lower than expected 3.3% and 4.8% respectively. , but it was the first month of inflation rebounding since July 2022 and still well above the US Federal Reserve's 2% target, putting pressure on the Fed to act more. more to control inflation.
XAUUSD SELL 1900 -1902🕯
✅ TP1: 1897
✅ TP2: 1892
️ SL: 1906
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