Gold treads waters to extend gains above $1,920

OANDA:XAUUSD   Vàng / Đô la Mỹ
Gold price is up on Monday as demand for the US Dollar fade into the background in a risk-on environment. XAU/USD traded as high as $1,930.70 a troy ounce, now changing hands at $1,924 as the initial optimism eased throughout the day.

Stock markets bounced following weekend news suggesting decreasing economic trouble in Asia. On the one hand, China published the August Consumer Price Index (CPI), which rose by 0.3% in the month and by 0.1% from a year earlier, reversing the negative trend that hinted at economic contraction. On the other, the Bank of Japan (BoJ) Governor Kazuo Ueda said that the “BoJ could have enough data by year-end to determine whether it can end negative rates,” adding they will focus now on a “quiet exit.” As a result, the safe-haven US Dollar edged lower across the FX board.

The positive sentiment extended into Wall Street, as the three major indexes started the day trading in the green. Nevertheless, financial markets remain cautious ahead of first-tier events scheduled for later in the week. Speculative interest awaits the United States (US) August Consumer Price Index (CPI), with the annual inflation rate foreseen at 3.6%, slightly above the previous 3.5%. Additionally, the European Central Bank (ECB) will announce its monetary policy decision on Thursday. The central bank is widely anticipated to remain on hold, although a surprise 25 basis point (bps) rate hike is not out of the table amid stubbornly high price pressures.

At the time, US indexes retain gains, although gains are modest. The best performer is the Nasdaq Composite, up 75 points or 0.55%. Meanwhile, firmer US Treasury yields help the Greenback to recover ground. The 10-year note currently offers 4.29%, up 3 bps, while the 2-year note yields 4.98%, unchanged for the day.

SELL XAUUSD 1925 - 1928

Stop Loss : 1932
Take Profit 1 : 1920
Take Profit 2 : 1915
Take Profit 3 : 1910

BUY XAUUSD 1908 - 1912

Stop Loss : 1905
Take Profit 1 : 1915
Take Profit 2 : 1920
Take Profit 3 : 1925
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