XAUUSD - Continues strong decline after a series of news

13 thg 12, 2023

#XAUUSD Analysis 12/13
🔴Entry sale: 2007-2010 (stop: 2012-2015)
✅Target date: 1970
✅Distant goal: 1955

🔸Exactly as expected! Gold prices continued to decline in yesterday's price range, but the price did not change significantly. Gold is very likely to trade sideways until the FOMC announcement.
🔸 Perhaps the price will rise slightly today and reach the order blocking area before falling further.
Traders should actively buy and sell in this price range.
We wish retailers an effective translation strategy.
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Global gold prices changed slightly, with spot gold falling $1.3 to $1,979.5 per ounce. Gold futures were trading at $1,993.2 per ounce, down $0.5 from the previous morning.
Global gold prices were trading close to yesterday morning's levels this morning, but were still significantly lower than their gains throughout the day. Specifically, gold plunged after the release of a new report showing that US consumer prices did not fall in November, halting a previous 0.5% rise. Inflation data was first released. The Fed's last policy meeting in 2023. Markets expect the US central bank to keep interest rates on hold at Wednesday's meeting.
The consumer price index (CPI) rose 3.1% in November from a year earlier, in line with economists' expectations. The CPI in November increased by 0.1% from the previous month. The CPI data caused the dollar to slow its decline, making gold less attractive to holders of other currencies. Economists say the latest inflation data could change market expectations for a rate cut as early as March. Federal Reserve officials have stressed the need to see a sustained downward trend in inflation before cutting interest rates.
Philip Streible, chief market strategist at Blue Line Futures in Chicago, said the inflation data was in line with expectations, but people would need to see a real drop in rates to strengthen the case for a rate cut. Stated.
Andrew Hunter, an economist at Capital Economics, said the strong rise in core consumer prices suggests the Fed may maintain its tightening trend for a little longer.