World gold price stood at $1,911, down $10 compared to the same hour yesterday morning. Gold prices hit a 3-week low after bearish technical indicators appeared to stimulate a slight sell-off. Investors are eagerly waiting for the August consumer price index report to be released today. CPI is expected to increase by 4.3% over the same period last year, compared to an increase of 4.7% in the July report. The market is expecting positive signals from this report. Falling inflation could cause the Fed to change its monetary policy stance.
Gold remains under pressure, but its ability to hold key support levels suggests investors may be worried that "hawkish" monetary policies around the world are on track, even as inflation falters. remains high. If the US CPI in August increases as predicted, the opportunity for gold will be weaker. Because the Fed raising interest rates will support the USD to increase again, therefore gold transaction and deposit costs are expensive, precious metals are less attractive to cash flow.
Gold remains under pressure, but its ability to hold key support levels suggests investors may be worried that "hawkish" monetary policies around the world are on track, even as inflation falters. remains high. If the US CPI in August increases as predicted, the opportunity for gold will be weaker. Because the Fed raising interest rates will support the USD to increase again, therefore gold transaction and deposit costs are expensive, precious metals are less attractive to cash flow.
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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
