GOLD recovers after adjustment by CPI data

15 Agu

XAUUSD recovered after a slight decline when the latest US CPI report dampened expectations that the Federal Reserve will cut interest rates sharply next month.

The U.S. Bureau of Labor Statistics released a report Wednesday saying the U.S. Consumer Price Index (CPI) rose 0.2% month-over-month and 2.9% year-over-year in July. Economists surveyed previously expected the index to increase 0.2% month-on-month and 3% year-on-year. Excluding food and energy costs, U.S. core CPI in July rose 0.2% month-on-month and 3.2% year-over-year, both in line with expectations. .
The Chicago Mercantile Exchange's "Fed Tracker" shows that the market now expects a 35% chance of the Federal Reserve cutting interest rates by 50 basis points in September, compared with a 50% chance before the data release. US CPI data.

However, a rate cut in September is a certainty; Current data shows that the Federal Reserve initially only intended to cut interest rates by 25 basis points, which has disappointed markets where expectations for a 50 basis point cut were previously higher. Cutting interest rates will more or less bring support to gold prices when the USD loses important support from the high interest rate environment.
On the other hand, the geopolitical situation still has many potential risks and gold is always a safe haven asset when geopolitical developments become complicated.

Analysis of technical prospects for XAUUSD
On the daily chart, although gold has corrected downwards before, maintaining price activity above the 0.50% Fibonacci extension is a positive signal for the short-term uptrend.

In the immediate future, gold will be limited by the technical level of 2,455 USD noted by readers in yesterday's edition and once gold breaks this level, it has the potential to increase further to the target level then around. Fibonacci extension level 0.618%.

In a negative case, gold could be sold below the $2,426 technical level if support at $2,448 is broken below. So traders who buy gold should be prepared for this scenario, but the main trend will still be bullish because 2,426USD is also the confluence of Fibonacci 0.382% and EMA21.

As long as gold remains above the EMA21 and within the price channel, its technical outlook remains bullish with notable positions listed below.
Support: 2,448 – 2,426USD
Resistance: 2,471USD

🪙SELL XAUUSD | 2461 - 2459

⚰️SL: 2465

⬆️TP1: 2454
⬆️TP2: 2449

🪙BUY XAUUSD | 2424 - 2426

⚰️SL: 2420

⬆️TP1: 2431
⬆️TP2: 2436

15 Agu

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Plan SELL Close 1/2 + 55pips. Move SL to Entry🔥

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