GOLD price will fall below 2600 to 2550

6 jam yang lalu

Gold prices (XAU/ USD) edged higher during Asian hours on Thursday, ending a six-day losing streak to a near three-week low. The dollar is in a consolidation phase as traders await the release of the US consumer Price index (CPI) data. This reorientation provides some support for gold.

However, as highlighted by the September FOMC minutes, it seems unlikely that gold prices will move much higher on reduced expectations of aggressive rate cuts by the US Federal Reserve. Rising Treasury yields will likely continue to limit gains and strong buying will be needed to mark the end of gold's recent pullback from all-time highs.

The long-term framework H2 suggests that strong gold sellers will revise downward and continue below $2,600 towards $2,550.
Keep an eye on the trendline resistance area 2625.

4 jam yang lalu

Trade aktif

While the knee-jerk conclusion after the CPI report was negative (bad jobs + rising prices = stagflation), it is unlikely that the Fed will take a "radically different" view after the report. Since FOMC rhetoric has shifted aggressively toward employment recently, Powell and his colleagues will likely spend more effort assessing the preliminary data than the CPI. Moreover, the moderation in housing inflation is a potentially positive development.

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Give operational strategy suggestions
BUY : 2580 - 2585
SL: 2575
TP1: 2590
TP2: 2600
TP3: 2610

SELL : 2650 - 2655
SL: 2660
TP1: 2644
TP2: 2638
TP3: 2630

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