XAUUSD| Waiting the CPI to change the course!
Diupdate
Recent trend in the price of gold: The price of gold has seen strong gains up to a historical peak reached on Monday. This suggests a bullish momentum in the short term.
Factors influencing the price of gold:
Federal Reserve monetary policy expectations: Expectations that the Fed may delay interest rate cuts are limiting further gains in gold. This could be due to the overbought context and the high uncertainty regarding monetary policy outlook.
US Treasury bond yields: Elevated US Treasury yields are supporting the US dollar and contributing to limiting the upside potential for XAU/USD. This suggests an inverse correlation between the dollar and gold, wherein a stronger dollar tends to depress the price of gold.
Key technical levels:
Supports and resistances: A correction in the price of gold is expected to lead it towards the previous historical peak of $2,332 or even towards the April 4 peak at $2,300, followed by the April 5 low at $2,269. On the other hand, if buyers maintain control, the historical peak at $2,350 will be the first resistance to overcome.
Market fundamentals:
US inflation data: The US Consumer Price Index (CPI) data expected on Wednesday can have a significant impact on the price of gold. These data can confirm or refute expectations of a Fed interest rate cut.
Fed comments and policies: Comments from Fed officials, such as those from Neel Kashkari, can provide insights into monetary policy outlook and influence market sentiment on gold.
Geopolitical and economic factors: Geopolitical tensions in the Middle East and renewed central bank interest in gold can also influence the price of gold, providing additional support to the precious metal.
Factors influencing the price of gold:
Federal Reserve monetary policy expectations: Expectations that the Fed may delay interest rate cuts are limiting further gains in gold. This could be due to the overbought context and the high uncertainty regarding monetary policy outlook.
US Treasury bond yields: Elevated US Treasury yields are supporting the US dollar and contributing to limiting the upside potential for XAU/USD. This suggests an inverse correlation between the dollar and gold, wherein a stronger dollar tends to depress the price of gold.
Key technical levels:
Supports and resistances: A correction in the price of gold is expected to lead it towards the previous historical peak of $2,332 or even towards the April 4 peak at $2,300, followed by the April 5 low at $2,269. On the other hand, if buyers maintain control, the historical peak at $2,350 will be the first resistance to overcome.
Market fundamentals:
US inflation data: The US Consumer Price Index (CPI) data expected on Wednesday can have a significant impact on the price of gold. These data can confirm or refute expectations of a Fed interest rate cut.
Fed comments and policies: Comments from Fed officials, such as those from Neel Kashkari, can provide insights into monetary policy outlook and influence market sentiment on gold.
Geopolitical and economic factors: Geopolitical tensions in the Middle East and renewed central bank interest in gold can also influence the price of gold, providing additional support to the precious metal.
Catatan
Good short reaction of the price after the CPI release
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