The consumer price index (CPI) will show us the direction of XAU
Updated
announcement on monetary policy of the US Federal Reserve (Fed)
The world gold market last week continuously received important data, causing prices to continuously reverse. Notably, on the last trading day of the week, the market suffered two shocks that caused prices to continuously "plunge". In just 1 day, gold lost more than 3.5%, marking the largest intraday sell-off since 2020. In the current context, most analysts believe that gold prices may test support level of 2,200 USD/ounce.
Although recent jobs data will likely push gold prices lower in the short term, some are optimistic that the precious metal could find momentum next week as global concerns increase. Investment will turn to inflation data along with developments at the Federal Open Market Committee (FOMC) monetary policy meeting.
The world gold market last week continuously received important data, causing prices to continuously reverse. Notably, on the last trading day of the week, the market suffered two shocks that caused prices to continuously "plunge". In just 1 day, gold lost more than 3.5%, marking the largest intraday sell-off since 2020. In the current context, most analysts believe that gold prices may test support level of 2,200 USD/ounce.
Although recent jobs data will likely push gold prices lower in the short term, some are optimistic that the precious metal could find momentum next week as global concerns increase. Investment will turn to inflation data along with developments at the Federal Open Market Committee (FOMC) monetary policy meeting.
Note
BUY XAU 2296TP1: 2305
TP2: 2310
SL: 2290
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