The price of gold removed the increase in the fifth session
Gold Market Recap
Price Movement:
Current Status: Gold dropped back to $2310-$2315 after briefly rising.
Reason: Fed’s signal of only one rate cut in 2024 due to high inflation led to this pullback.
Key Economic Data:
CPI Data: May CPI was flat, and core CPI rose 0.2%, both below expectations.
Dollar Impact: The USD Index fell by 0.6% after the Fed's announcements.
Upcoming Focus:
Major Events: All eyes are on the upcoming CPI data and Fed meetings, which will shape future price movements.
Market Expectation: Neutral CPI data could maintain the current setup, but surprises are possible.
Outlook:
Technical View: Gold is weak and might attempt to push above $2325, testing $2335-$2345 before likely dropping again.
Risk: High chance of further declines, but market responses to upcoming news could change this outlook.
Price Movement:
Current Status: Gold dropped back to $2310-$2315 after briefly rising.
Reason: Fed’s signal of only one rate cut in 2024 due to high inflation led to this pullback.
Key Economic Data:
CPI Data: May CPI was flat, and core CPI rose 0.2%, both below expectations.
Dollar Impact: The USD Index fell by 0.6% after the Fed's announcements.
Upcoming Focus:
Major Events: All eyes are on the upcoming CPI data and Fed meetings, which will shape future price movements.
Market Expectation: Neutral CPI data could maintain the current setup, but surprises are possible.
Outlook:
Technical View: Gold is weak and might attempt to push above $2325, testing $2335-$2345 before likely dropping again.
Risk: High chance of further declines, but market responses to upcoming news could change this outlook.
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