GOLD : "Struggling" to keep its price from falling
The world gold price stood at $1,911, equivalent to the price at the same time yesterday morning. Yesterday's trading session, gold struggled to keep its price from plummeting when there was information that the consumer price index rose higher than expected last month. Specifically, US CPI in August increased by 3.7% over the same period last year and core CPI increased by 4.3% in the same period. CPI is forecast to increase 3.6% over the same period last year, compared to a 3.2% increase in the July report.
Investors are currently concerned that inflation remaining at a high level may cause the Fed to prolong the process of tightening monetary policy, which is supporting the strength of the USD. According to market signals, the probability that the Fed will keep interest rates unchanged at the September meeting is 93%. However, the probability that the Fed will raise interest rates at its November meeting has reached nearly 50%. Currently, investors wait for US inflation data to forecast the Fed's monetary policy.
Investors are currently concerned that inflation remaining at a high level may cause the Fed to prolong the process of tightening monetary policy, which is supporting the strength of the USD. According to market signals, the probability that the Fed will keep interest rates unchanged at the September meeting is 93%. However, the probability that the Fed will raise interest rates at its November meeting has reached nearly 50%. Currently, investors wait for US inflation data to forecast the Fed's monetary policy.
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The precious metal price could test the $1,905 support level, then potentially “break” below this level and drop to $1,898.
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🟢The European Central Bank raised its average inflation forecast for 2023 to 5.3% and through 2024 to 2.3%, while lowering it for 2025 to 1.2%.
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🕯 SELL GOLD | 1915 - 1917
🔴 SL: 1920
🟢 TP1: 1910
🟢 TP2: 1905
🔴 SL: 1920
🟢 TP1: 1910
🟢 TP2: 1905
