XAUUSD - Testing Support as US Inflation Data Nears

Last week, international gold prices dropped from $1,933 to $1,892, before recovering and closing at $1,919. The continued decrease in gold prices is due to central banks tightening monetary policies.

During a recent group discussion, European Central Bank President Christine Lagarde, Bank of England Governor Andrew Bailey, and Federal Reserve Chair Jerome Powell stated that interest rates will have to be raised higher to bring inflation down to 2%. Even Bank of Japan Governor Kazuo Ueda is considering abandoning loose monetary policies in the future.

Comment:

🐾 BUY GOLD zone 1908 - 1911

⚠️ Stop Loss : 1904

💲 Take Profit 1: 1920
💲 Take Profit 2: 1925
💲 Take Profit 3: 1930

Trade closed: target reached:

⭐️Plan to BUY Successfully Take Profit 1 + 100pips 💲💲💲

Comment:

🐾 SELL GOLD zone 1941 - 1938

⚠️ Stop Loss : 1945

💲 Take Profit 1: 1925
💲 Take Profit 2: 1920
💲 Take Profit 3: 1915

Comment:

It is hard to be structurally bullish on the economy when almost the entire Treasury curve is inverted, despite the fact that yields across the board, short and long-term, have been increasing. Today's issue in the Treasury curve resembles prior stagflationary times with yields across all durations continuing to move higher.