XAUUSD : Precious metals are constrained by the USD
Precious metal prices today continue to be suppressed due to the rising USD. Currently, the DXY index has returned to 105 points, pushing gold prices under downward pressure. Investors continue to monitor US inflation data, expected to be announced on September 13, and the Fed's monetary policy decision on September 20.
Although investors have focused on hoarding USD and buying treasury bonds, investment gold buying activities in recent times have not decreased at all. That shows that gold is not less attractive than other investment channels. Gold may even be a strong channel to attract investors if the US economy falls into recession.
Although investors have focused on hoarding USD and buying treasury bonds, investment gold buying activities in recent times have not decreased at all. That shows that gold is not less attractive than other investment channels. Gold may even be a strong channel to attract investors if the US economy falls into recession.
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There was a lot of volatility in the market today because tomorrow we have US Core Consumer Price Index, this instability lasts for several days so please be careful trade and manage your risks carefully
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Leading expert Nicholas Frappell at ABC Refinery said that rising CPI may put pressure on gold prices in the short term.
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The precious metal price could test the $1,905 support level, then potentially “break” below this level and drop to $1,898.
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🟢The European Central Bank raised its average inflation forecast for 2023 to 5.3% and through 2024 to 2.3%, while lowering it for 2025 to 1.2%.
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🕯 SELL GOLD | 1915 - 1917
🔴 SL: 1920
🟢 TP1: 1910
🟢 TP2: 1905
🔴 SL: 1920
🟢 TP1: 1910
🟢 TP2: 1905
🔴 SL: 1930
🟢 TP1: 1920
🟢 TP2: 1915