XAU market prediction on 9/12/2023
Updated
Gold prices rose today on the lack of data and events to stimulate the market. Traders are waiting for inflation data for more clues about the upcoming direction of the US Federal Reserve (Fed). Specifically, the consumer price index report for August will be published on Wednesday morning. CPI is expected to increase by 4.3% over the same period last year, compared to an increase of 4.7% in the monthly report. 7.
Information about the European Central Bank's policy meeting this week is also of interest to investors. It is expected that this bank will slightly increase interest rates by 25 basis points.
According to a recent report from the Commodity Futures Trading Commission, hedge funds continue to reduce their bearish price bets on gold. However, analysts note that bullish sentiment needs to improve if gold is to break initial resistance above $1,980 an ounce.
The gold market is currently net buying 50,365 contracts, only slightly up from last week's increase, fueled by significant short selling. Despite the covering buying, gold prices failed to break resistance at $1,980/ounce, with prices falling to support around $1,950/ounce during the survey period.
Although gold has likely recovered in 2023, some analysts say persistent inflation as oil prices trade near their highest in nearly a year is forcing the Fed to maintain higher monetary policies. over longer periods, this creates additional golden obstacles.
Some analysts say gold is still likely to test support around $1,900 an ounce in the current environment.
Chief market analyst at financial trading firm KCM Trade, Tim Waterer, said that inflation figures could rise thanks to rising energy prices, which would maintain the possibility of the Fed raising interest rates by zero. .25 percentage points next November.
“Gold prices will likely rely on the decline in bond yields to once again challenge the $1,950/ounce price level,” Mr. Waterer said.
Meanwhile, according to Reuters technical analyst Wang Tao, spot gold could retest the resistance level of 1,930 USD/ounce.
Information about the European Central Bank's policy meeting this week is also of interest to investors. It is expected that this bank will slightly increase interest rates by 25 basis points.
According to a recent report from the Commodity Futures Trading Commission, hedge funds continue to reduce their bearish price bets on gold. However, analysts note that bullish sentiment needs to improve if gold is to break initial resistance above $1,980 an ounce.
The gold market is currently net buying 50,365 contracts, only slightly up from last week's increase, fueled by significant short selling. Despite the covering buying, gold prices failed to break resistance at $1,980/ounce, with prices falling to support around $1,950/ounce during the survey period.
Although gold has likely recovered in 2023, some analysts say persistent inflation as oil prices trade near their highest in nearly a year is forcing the Fed to maintain higher monetary policies. over longer periods, this creates additional golden obstacles.
Some analysts say gold is still likely to test support around $1,900 an ounce in the current environment.
Chief market analyst at financial trading firm KCM Trade, Tim Waterer, said that inflation figures could rise thanks to rising energy prices, which would maintain the possibility of the Fed raising interest rates by zero. .25 percentage points next November.
“Gold prices will likely rely on the decline in bond yields to once again challenge the $1,950/ounce price level,” Mr. Waterer said.
Meanwhile, according to Reuters technical analyst Wang Tao, spot gold could retest the resistance level of 1,930 USD/ounce.
Note
Buy 1922 - 1920TP1: 1925
TP2; 1927
SL: 1916
Note
Buy 1919 - 1921TP1: 1925
TP2; 1927
SL: 1914
Note
Running +20pips
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