Gold prices tried to make up for the previous day's losses, trading around $1,910 per troy ounce higher in the early trading hours of Wednesday's Asian session. This currency pair is trending up due to the decrease in the value of the US Dollar (USD).
However, gold prices face challenges as the market is cautious ahead of the release of US inflation data, expected to be released later in the North American trading session.
The US consumer price index (CPI) is expected to increase 0.5% month-on-month, up from 0.2% the previous month. Meanwhile, core CPI, which excludes food and energy price fluctuations, is expected to steady at 0.2%
However, gold prices face challenges as the market is cautious ahead of the release of US inflation data, expected to be released later in the North American trading session.
The US consumer price index (CPI) is expected to increase 0.5% month-on-month, up from 0.2% the previous month. Meanwhile, core CPI, which excludes food and energy price fluctuations, is expected to steady at 0.2%
Trade active:
Plan BUY : Running + 25pip ✅✅
Comment:
XAU/USD is fading during Tuesday's trading session, testing the $1,910.00 level as investors await US inflation figures following the release of Consumer Price Index (CPI) data on Wednesday .
Metals investors will take a step back ahead of tomorrow's US inflation figures, and the rising US Dollar (USD) index is sending the yellow metal lower, falling below its short-term bottom and touching New low for precious metals. September.
Metals investors will take a step back ahead of tomorrow's US inflation figures, and the rising US Dollar (USD) index is sending the yellow metal lower, falling below its short-term bottom and touching New low for precious metals. September.
Comment:
If US CPI figures meet or exceed expectations, that could add further downward pressure on Gold. Headline CPI data for August is forecast to come in at 0.6%, a step up from 0.2% last month. Core CPI (CPI excluding food and energy prices) over the same period is expected to hold steady at 0.2%.
Looking ahead to Thursday, US Retail Sales growth figures are expected to soften slightly. August Retail Sales data expected to come in at 0.2%; still a positive number, but down from 0.7% growth the previous month.
Disappointing economic calendar data could provide a solid round of support for XAU/USD, but growing economic activity will send the Greenback higher and push Gold another step lower.
Looking ahead to Thursday, US Retail Sales growth figures are expected to soften slightly. August Retail Sales data expected to come in at 0.2%; still a positive number, but down from 0.7% growth the previous month.
Disappointing economic calendar data could provide a solid round of support for XAU/USD, but growing economic activity will send the Greenback higher and push Gold another step lower.
Comment:
Gold prices edged higher during Thursday's Asian session and now appears to have ended a two-day decline to near three-week lows around the $1,906-$1,905 area touched the previous day. XAU/USD is currently trading just above the $1,910 region, despite a lack of bullish conviction. Furthermore, the fundamental backdrop appears to remain skewed in favor of bearish traders and supports the prospect of an extension to the two-week downtrend, from a one-month peak near the $1,953 region touched on September 1 .
Comment:
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Follow me more to get big profits
"Set up your trading system by looking at the chart, don't set it up subjectively and trade mentally"
Comment:
SL: 1904
TP1: 1917
TP2: 1925