XAUUSD - Soared when the USD suddenly plummeted
The world's gold price today (November 15) soared when the US announced that the October consumer price index fell lower than forecast. The sudden drop in the USD helped investors return to buying gold when deposit and transaction costs decreased.
World gold prices continued to skyrocket this morning due to the USD suddenly plummeting. Specifically, the Dollar-Index - measuring the strength of the USD in a basket of 6 major currencies - dropped sharply by 1.49% to 104,060 points at 6:20 a.m. this morning (Hanoi time).
The USD fell sharply after the US announced the consumer price index (CPI) for October was lower than expected. Specifically, the CPI in the US in October increased by 3.2% over the same period last year, a sharper decrease than September's increase of 3.7% and lower than the forecast of 3.3%. This is the lowest level since March 2021.
The core CPI index in October in the US increased by 4% over the same period last year, lower than the 4.1% increase in September and the previous forecast. Experts say that a decrease in the CPI consumer price index will help The US Federal Reserve (Fed) cannot raise interest rates further at its upcoming December meeting.
Because the Fed's prediction that it will not raise interest rates any further has pushed the USD down, gold prices have benefited as a result. Because gold transaction and custody costs will decrease.
However, experts also warn investors to be cautious, because inflation has decreased but is still far from the target level of 2%. Previously, the Fed Chairman gave the message that the Fed will do everything to reduce inflation to the target level. Therefore, gold prices may still be under pressure if the Fed raises interest rates one more time.
World gold prices continued to skyrocket this morning due to the USD suddenly plummeting. Specifically, the Dollar-Index - measuring the strength of the USD in a basket of 6 major currencies - dropped sharply by 1.49% to 104,060 points at 6:20 a.m. this morning (Hanoi time).
The USD fell sharply after the US announced the consumer price index (CPI) for October was lower than expected. Specifically, the CPI in the US in October increased by 3.2% over the same period last year, a sharper decrease than September's increase of 3.7% and lower than the forecast of 3.3%. This is the lowest level since March 2021.
The core CPI index in October in the US increased by 4% over the same period last year, lower than the 4.1% increase in September and the previous forecast. Experts say that a decrease in the CPI consumer price index will help The US Federal Reserve (Fed) cannot raise interest rates further at its upcoming December meeting.
Because the Fed's prediction that it will not raise interest rates any further has pushed the USD down, gold prices have benefited as a result. Because gold transaction and custody costs will decrease.
However, experts also warn investors to be cautious, because inflation has decreased but is still far from the target level of 2%. Previously, the Fed Chairman gave the message that the Fed will do everything to reduce inflation to the target level. Therefore, gold prices may still be under pressure if the Fed raises interest rates one more time.
Comment:
💵 BUY XAUUSD 1948 - 1950🪙🪙🪙
💲TP1 1960
💲TP2 1978
🔴 SL 1940
💲TP1 1960
💲TP2 1978
🔴 SL 1940
Comment:
Hit entry sell
Comment:
Sell HIt Full TP
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🔴9-12 signals per day
🔴Free knowledge support
🔴24/7 support for newbies.
🔴You always have priority.
t.me/FalCol_TradingMaster
Related Ideas
💲TP1 1960
💲TP2 1955
🔴 SL 1979