Dear friend !
Currently, gold is being driven by the sharp decline of the US dollar and the recovery of the bond market. XAU/USD has risen from $1,945 to $1,970, reaching its highest level in six days. The release of inflation data by the United States has caused a strong reaction in the market, leading to a decrease in stocks and pushing the US dollar to its lowest level in months.
Several other inflation data from the United States, including the Producer Price Index (PPI) and Retail Sales data, are expected to be released today. If these reports show a slowdown in inflation and weaker consumer data, the upward momentum of gold may continue as the market reinforces their expectations that the Federal Reserve has ended its tightening cycle.
Therefore, it would not be surprising if gold sellers continue to push the price of gold down to $1,950 in the short term.
Currently, gold is being driven by the sharp decline of the US dollar and the recovery of the bond market. XAU/USD has risen from $1,945 to $1,970, reaching its highest level in six days. The release of inflation data by the United States has caused a strong reaction in the market, leading to a decrease in stocks and pushing the US dollar to its lowest level in months.
Several other inflation data from the United States, including the Producer Price Index (PPI) and Retail Sales data, are expected to be released today. If these reports show a slowdown in inflation and weaker consumer data, the upward momentum of gold may continue as the market reinforces their expectations that the Federal Reserve has ended its tightening cycle.
Therefore, it would not be surprising if gold sellers continue to push the price of gold down to $1,950 in the short term.
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