💵GOLD PRICE AND ECONOMIC INFORMATION
Gold fell below $2,410 per ounce on Friday after rising nearly 2% in the previous session, but is set to notch a third straight weekly gain, supported by softer-than-expected inflation figures for the US. Headline inflation slowed more than anticipated to a one-year low of 3% in June, while the annual core measure dropped to a three-year low of 3.3%. The deceleration has heightened expectations for a Federal Reserve rate cut, with traders now pricing in a 93% chance of a rate cut in September, up from 73% on Wednesday. Meanwhile, San Francisco Fed President Mary Daly expects further easing in price pressures and the labor market to justify rate cuts, while Chicago Fed President Austan Goolsbee believes the US economy is on track to achieve 2% inflation.
🔴SELL GOLD: 2438 - 2440, SL: 24046
🟢BUY GOLD: 2395 - 2393, SL: 2389
🟢BUY GOLD: 2382 - 2380, SL: 2376
⛔️Breakout: top border 2414 - 2425 - below 2403 - 2396 - 2390
🔼Support: 2403 - 2397 - 2392 - 2387 - 2378 - 2370
🔽Resistance: 2414 - 2425 - 2437 - 2449 - 2460
GOOD LUCK EVERYONE👍
Gold fell below $2,410 per ounce on Friday after rising nearly 2% in the previous session, but is set to notch a third straight weekly gain, supported by softer-than-expected inflation figures for the US. Headline inflation slowed more than anticipated to a one-year low of 3% in June, while the annual core measure dropped to a three-year low of 3.3%. The deceleration has heightened expectations for a Federal Reserve rate cut, with traders now pricing in a 93% chance of a rate cut in September, up from 73% on Wednesday. Meanwhile, San Francisco Fed President Mary Daly expects further easing in price pressures and the labor market to justify rate cuts, while Chicago Fed President Austan Goolsbee believes the US economy is on track to achieve 2% inflation.
🔴SELL GOLD: 2438 - 2440, SL: 24046
🟢BUY GOLD: 2395 - 2393, SL: 2389
🟢BUY GOLD: 2382 - 2380, SL: 2376
⛔️Breakout: top border 2414 - 2425 - below 2403 - 2396 - 2390
🔼Support: 2403 - 2397 - 2392 - 2387 - 2378 - 2370
🔽Resistance: 2414 - 2425 - 2437 - 2449 - 2460
GOOD LUCK EVERYONE👍
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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.
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.