Gold weakens after US PPI data, focus turns to consumer sentiment report.
Gold falls lower as PPI data is better than expected, boosting USD and US government bond yields.
In the March 14 session, gold weakened after the release of US PPI data increased higher than expected, causing the market to lower the price of interest rate cuts. The precious metal fell from $2,171 to $2,152 following the news but then had a slight upward correction to end the day at $2,158. With the recent PPI data, the Fed will have to consider delaying the policy pivot, which could put pressure on precious metals.
Today, the market will receive the consumer confidence index and the Empire State manufacturing index. Currently, gold is increasing slightly to $2,164.
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🔝 XAUUSD : Trading plan March, 15, 2024
🪙 We have 2 levels to have a good entry for the BUY signal :