XAUUSD - Firms While US Dollar Eases as Treasury Yields Dip
Gold prices in the Asian session rose as investors analyzed comments from the Federal Reserve and declining Treasury yields. Key figures included Michael Barr, Vice Chair for Supervision, and Cleveland Federal Reserve President Loretta Mester, who mentioned that more rate hikes may be needed.
However, Atlanta Federal Reserve President Raphael Bostic offered a counterbalance, stating that the Fed can afford to be patient. The market is now expecting a potentially lower US CPI number on Wednesday, which could ease concerns about a strong stance by the Fed at its July 26th FOMC meeting.
However, Atlanta Federal Reserve President Raphael Bostic offered a counterbalance, stating that the Fed can afford to be patient. The market is now expecting a potentially lower US CPI number on Wednesday, which could ease concerns about a strong stance by the Fed at its July 26th FOMC meeting.
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Some economists and market analysts have said this is a surprising deflationary signal as the supply of used cars remains; however, the supply of new vehicles for sale is improving as demand weakens.
All eyes are now on Wednesday's Consumer Price Index. According to consensus estimates, economists are looking for annual consumer prices to rise 3.1%, down from 4% reported in May.
The weak inflation data is not having an immediate impact on interest rate expectations. The CME FedWatch Tool shows that markets continue to brace for a 25-basis point hike from the Federal Reserve later this month.
All eyes are now on Wednesday's Consumer Price Index. According to consensus estimates, economists are looking for annual consumer prices to rise 3.1%, down from 4% reported in May.
The weak inflation data is not having an immediate impact on interest rate expectations. The CME FedWatch Tool shows that markets continue to brace for a 25-basis point hike from the Federal Reserve later this month.
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From a technical standpoint, gold seems ready for a breakthrough with a bullish flag pattern and many indications of price action. We have seen higher highs and higher lows since dropping below the psychological level of $1,900 on June 29th.
My only concern about a price breakthrough at this stage is the important consolidation area around $1,950 while the 50-day MA is slightly higher at $1,959. A higher breakout may bring resistance around $1,980.
My only concern about a price breakthrough at this stage is the important consolidation area around $1,950 while the 50-day MA is slightly higher at $1,959. A higher breakout may bring resistance around $1,980.
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🐾 SELL XAUUSD zone 1967 - 1965
⚠️ Stop Loss : 1972
💲 Take Profit 1: 1955
💲 Take Profit 2: 1950
💲 Take Profit 3: 1945
⚠️ Stop Loss : 1972
💲 Take Profit 1: 1955
💲 Take Profit 2: 1950
💲 Take Profit 3: 1945
⚠️ Stop Loss : 1955
💲 Take Profit 1: 1935
💲 Take Profit 2: 1930
💲 Take Profit 3: 1925