Gold price increased slightly today: What else should we pay att
Hello everyone! So, yesterday gold had a slight uptick and rose in price from 1905-1915 USD. Currently, it is still trading around this price range, indicating that there is still strength in the upward movement.
However, looking at the long term perspective, when the US August Producer Price Index increased by 0.7% compared to an expected increase of 0.4%, and US retail sales for August increased by 0.6% compared to market expectations of a 0.1% increase, it suggests that the Federal Reserve will continue to raise interest rates to curb inflation in the near future which will negatively impact this metal. This is because an increase in interest rates will strengthen the USD but reduce its attractiveness as an investment option for investors, leading to a decrease in gold prices.
However, looking at the long term perspective, when the US August Producer Price Index increased by 0.7% compared to an expected increase of 0.4%, and US retail sales for August increased by 0.6% compared to market expectations of a 0.1% increase, it suggests that the Federal Reserve will continue to raise interest rates to curb inflation in the near future which will negatively impact this metal. This is because an increase in interest rates will strengthen the USD but reduce its attractiveness as an investment option for investors, leading to a decrease in gold prices.
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And you guys, how do you feel about the market today?
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US August PPI was announced to increase by 0.7%, stronger than the forecast of a 0.4% increase
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cup pattern has been formed
