XAUUSD : US inflation report will boost market trend
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While the US central bank turned more cautious at its December meeting, markets ignored this and overpriced a cut for a still resilient economy. strengthening and inflation remains high.
To better understand the Fed's next moves, traders should keep an eye on the US economic calendar this week, paying particular attention to the December CPI report on Thursday morning.
Although core inflation is expected to have cooled last month, headline inflation is seen recovering, rising from 3.1% to 3.2%, which is not good for policymakers and certainly will negatively impact market psychology.
For gold prices to regain upward momentum in the near future, the latest US CPI data needs to show signs that prices are gradually stabilizing. Otherwise, the Fed may continue to delay its interest rate reduction cycle.
In the event of an unexpected increase in inflation reports, the market may raise the valuation of interest rate increases, causing government bond yields to skyrocket. Gold could experience stronger downward corrections in the coming days and weeks.
Gold continued to decline on Tuesday after slipping below the key support zone at $2,050 - $2,045 last week. Sustaining prices below this zone could reinforce bearish pressure, pushing gold to its 50-day SMA near $2,010, then to $1,990.
On the other hand, if the buyers return, resistance will appear at $2,045-$2,050. A break above this level could push the price to $2,085, and then to its highest peak on record.
To better understand the Fed's next moves, traders should keep an eye on the US economic calendar this week, paying particular attention to the December CPI report on Thursday morning.
Although core inflation is expected to have cooled last month, headline inflation is seen recovering, rising from 3.1% to 3.2%, which is not good for policymakers and certainly will negatively impact market psychology.
For gold prices to regain upward momentum in the near future, the latest US CPI data needs to show signs that prices are gradually stabilizing. Otherwise, the Fed may continue to delay its interest rate reduction cycle.
In the event of an unexpected increase in inflation reports, the market may raise the valuation of interest rate increases, causing government bond yields to skyrocket. Gold could experience stronger downward corrections in the coming days and weeks.
Gold continued to decline on Tuesday after slipping below the key support zone at $2,050 - $2,045 last week. Sustaining prices below this zone could reinforce bearish pressure, pushing gold to its 50-day SMA near $2,010, then to $1,990.
On the other hand, if the buyers return, resistance will appear at $2,045-$2,050. A break above this level could push the price to $2,085, and then to its highest peak on record.
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