GOLD (XAU)
Updated
Gold broke its down trend at 1680 and It was a great opportunity for longing and now we heading to 1815
XAU continues to push higher and trades above $1,770 for the first time in nearly three months on Friday. The US Dollar stays under heavy bearish pressure as investors cheer the soft US inflation report and heightened optimism about Chine easing coronavirus restrictions. The Consumer Price Index in the United States rose 7.7% YoY, down from 8.2% in September and clearly below the 8.0% consensus forecast. The CPI accelerated by only 0.4% on the month, down from 0.6% in September and core figures rose 0.3%, rather than the 0.5% expected. The highly anticipated economic release from the United States triggered a massive risk rally on increased expectations of a smaller rate hike by the US Federal Reserve in December. Markets now price roughly an 81% probability of a 50 bps December Fed rate hike vs. odds of about 55% at the start of the week.The US Dollar was heavily sold off into the softer US Consumer Price Index release, propping up Gold price to the best levels unseen since August 26. At the time of writing, the American Dollar is reeling from Thursday’s massive blow, allowing Gold bulls to take a breather
XAU continues to push higher and trades above $1,770 for the first time in nearly three months on Friday. The US Dollar stays under heavy bearish pressure as investors cheer the soft US inflation report and heightened optimism about Chine easing coronavirus restrictions. The Consumer Price Index in the United States rose 7.7% YoY, down from 8.2% in September and clearly below the 8.0% consensus forecast. The CPI accelerated by only 0.4% on the month, down from 0.6% in September and core figures rose 0.3%, rather than the 0.5% expected. The highly anticipated economic release from the United States triggered a massive risk rally on increased expectations of a smaller rate hike by the US Federal Reserve in December. Markets now price roughly an 81% probability of a 50 bps December Fed rate hike vs. odds of about 55% at the start of the week.The US Dollar was heavily sold off into the softer US Consumer Price Index release, propping up Gold price to the best levels unseen since August 26. At the time of writing, the American Dollar is reeling from Thursday’s massive blow, allowing Gold bulls to take a breather
Note
Note
Note
Note
Note
1970 is coming
Note
Note
wait for breakout
Note
Trade active
Trade active
Trade active
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.