GOLD : Continue to experience downward pressure on prices
Updated
World gold price stood at $1,925, a slight increase of $6 compared to the same hour yesterday morning. A drop in 10-year US Treasury yields below a two-week high provided some support for gold. Traders are waiting for further US economic data to guide prices. As expected, the consumer price index report of August will be published on September 13.
Several Fed officials are expected to speak today. Traders are looking to see if the Fed will provide any clues about the future direction of US monetary policy. Further forecast, at the end of the year or early 2024, the selling pressure on precious metals will decrease. The USD is expected to weaken following signals of the Fed's gradual loosening of monetary policy. Besides, the gold consumption season at the end of the year can also support this commodity more actively.
Several Fed officials are expected to speak today. Traders are looking to see if the Fed will provide any clues about the future direction of US monetary policy. Further forecast, at the end of the year or early 2024, the selling pressure on precious metals will decrease. The USD is expected to weaken following signals of the Fed's gradual loosening of monetary policy. Besides, the gold consumption season at the end of the year can also support this commodity more actively.
Note
On Thursday, the huge American investment bank Wells Fargo published a memorandum that dealt with its experts’ expectations regarding the US Federal Reserve’s movements during the next year. The memorandum explained the bank’s expectations that the US Federal Reserve will reduce interest rates by 225 basis points at the Federal Open Market Committee meetings starting in March of next year.Note
The fact that there are many different opinions is also shown in the survey on short-term gold price trends. Specifically, in a Kitco News survey on gold price forecasts next week, among 13 Wall Street analysts, 4 people, equivalent to 31%, expected gold prices to increase but 5 people, equivalent to 38%, predicted that gold prices would increase. Precious metals report goes down; The remaining 4 people think that gold is moving sideways.Note
🕯 SELL GOLD | 1924 - 1926🔴 SL: 1930
🟢 TP1: 1920
🟢 TP2: 1915
Note
There was a lot of volatility in the market today because tomorrow we have US Core Consumer Price Index, this instability lasts for several days so please be careful trade and manage your risks carefullyNote
🟢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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