Gold maintains downward momentum, long-term analysis
Hello dear friends! Gold continues to decline as predicted, since the time of writing, gold is trading at $1872.
Last night, the US announced that the Consumer Price Index (CPI) increased by 3.7% year-on-year, higher than the forecasted 3.6%. However, the core CPI, which excludes food and energy prices, decreased from 4.3% to 4.1%, meeting market expectations. Inflation in the US is decreasing, and a strong job market will encourage the Federal Reserve (FED) to raise interest rates in November 2023 and maintain high rates for a longer period.
Due to this reason, gold sellers continue to push prices down, with an expected decrease to $1800. This downward trend will persist until any positive developments occur that lead to an increase in prices.
Last night, the US announced that the Consumer Price Index (CPI) increased by 3.7% year-on-year, higher than the forecasted 3.6%. However, the core CPI, which excludes food and energy prices, decreased from 4.3% to 4.1%, meeting market expectations. Inflation in the US is decreasing, and a strong job market will encourage the Federal Reserve (FED) to raise interest rates in November 2023 and maintain high rates for a longer period.
Due to this reason, gold sellers continue to push prices down, with an expected decrease to $1800. This downward trend will persist until any positive developments occur that lead to an increase in prices.
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Despite a sharp increase, the price of gold is still very difficult to break out and exceed the threshold of 2,000 USD/ounce in the near future.
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A weaker dollar and falling bond yields are adding to gold's bullish momentum.
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