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GOLD XAUUSD NEXT WEEKDear Ziilllaatraders, Reflecting on the past week, it brings me great joy to acknowledge the substantial profits we achieved. However, it's important to consider the possibility of a decline in the value of gold in the near future. Currently, there is an interesting struggle taking place between those who want to buy gold and those who want to sell it, leading to a noticeable correlation. Based on this observation, I have a hunch that several potential scenarios may unfold. However, it's crucial to remember that only time will reveal the true outcome. Therefore, I encourage you to stay updated and follow closely as I will be sharing more ideas in the future. It seems that we are on the verge of witnessing a significant movement, which could mark the beginning of an entirely new trend. I am genuinely interested in hearing your thoughts on this matter. Feel free to share any questions or remarks. Greetings, Ziilllaatraders
OANDA:XAUUSDShort
by ZILATRADES
1
Inflation Cools, Gold Heats UpIn June, the United States inflation fell to 3%, which is the lowest since March 2021. This was slightly below the market's expectations of 3.1% and a significant decline from May's rate of 4%. Additionally, the core inflation rate unexpectedly dropped to 4.8%, marking its lowest level since October 2021. The implication of this deceleration is that it could prompt the Federal Reserve to scale back its plans for interest rate hikes. With inflation showing signs of cooling, the central bank may now be inclined to raise rates only once more throughout the remainder of the year. In the wake of the inflation report gold prices shot up, soaring by more than 1.3%. The metal breached the $1,940 resistance level but fell just short of clearing the $1,960 overhead barrier. If further upward momentum materializes, it could pave the way for a potential retest of $1,975 and $1,980. At the same time, the US dollar faced a steep decline, sinking to its lowest point in over 14 months. Against the Swiss franc, it tumbled to depths not witnessed since early 2015, settling at 0.8673 francs, down 1.4%. Earlier in the session, it even touched 0.8660, marking its weakest position since the Swiss National Bank abandoned the Swiss currency peg back in January 2015. Against the Japanese yen, the dollar hits a six-week low of 138.47 yen, witnessing a 1.4% decline. Additionally, the US dollar weakens by more than 1.5% against the New Zealand and Australian dollars. Conversely, the euro surges to its highest level since March last year, reaching $1.1125. The Euro trades up 1.2% at $1.113.
BLACKBULL:XAUUSD
by BlackBull_Markets