The gold market is currently waiting for two important announcements - the decision to raise interest rates by the US Federal Reserve (Fed) and the CPI inflation index report.
Normally, an increase in CPI leads to a rise in gold prices, but this time it's different.
A rise in CPI indicates that the Fed will continue to raise interest rates to control inflation, leading to a stronger US dollar and a decrease in gold prices.
However, if CPI falls, gold prices are likely to rise as it could mean that the Fed may stop increasing interest rates.
Central banks around the world are still increasing their buying power.
As for gold, it is technically neutral in the short term and on the 4-hour chart.
The pair is currently trading at around $1,962 and the daily chart shows it oscillating around the directionless 89 EMA, while the 34 EMA is also flat from a few dollars shorter.
Technical indicators show a reduction in their slide and indicate a possible recovery, but the absence of clear directional clues prolongs the ongoing consolidation phase in the upcoming session.
Note around the price zone 1982-1984
Normally, an increase in CPI leads to a rise in gold prices, but this time it's different.
A rise in CPI indicates that the Fed will continue to raise interest rates to control inflation, leading to a stronger US dollar and a decrease in gold prices.
However, if CPI falls, gold prices are likely to rise as it could mean that the Fed may stop increasing interest rates.
Central banks around the world are still increasing their buying power.
As for gold, it is technically neutral in the short term and on the 4-hour chart.
The pair is currently trading at around $1,962 and the daily chart shows it oscillating around the directionless 89 EMA, while the 34 EMA is also flat from a few dollars shorter.
Technical indicators show a reduction in their slide and indicate a possible recovery, but the absence of clear directional clues prolongs the ongoing consolidation phase in the upcoming session.
Note around the price zone 1982-1984
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Expectations of a deviation in the Fed's vote on interest... The dispute will hit the meeting
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Today, there is significant news regarding the US dollar. The release of the consumer price index has the potential to bring about a significant impact on the financial markets, particularly on stock and commodity markets. It can be likened to a storm that is set to hit the financial markets.
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U.S. Treasury yields were lower Tuesday ahead of a key inflation report and the start of the Federal Reserve’s latest monetary policy meeting.
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The UK job market is surprisingly tight.
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JPMorgan traders say the S&P 500 is set for a wild ride after Tuesday’s US CPI inflation report.
