⚡️ U.S. consumer prices rose a second month in a row in August, reaching a year-on-year growth of 3.7% from 3.2% in July, due to high pump prices of gasoline which accounted for more than half of the increase — a phenomenon that could put renewed pressure on inflation fighters at the Fed.
⚡️ The central bank’s desired inflation remains at a max 2% per year and it has vowed to get there with more rate hikes if necessary.
⚡️ Still, with a Fed hike seemingly out of the way for now, dollar investors sat on the sidelines while others took some more profit on the greenback’s rally of the past eight weeks.
⚡️ H4 chart shows that right now gold is no longer attractive to traders ahead of the FOMC meeting, everyone is looking towards this meeting, price is active on EAM, RSI above 50, the price has touched the trendline and is retesting the support level at 1930. The selling force is no longer strong enough to break this zone, gold will stay sideways until the end of the 2 morning trading sessions.
⚡️Let me know your opinion. I'm looking forward to it
⚡️ The central bank’s desired inflation remains at a max 2% per year and it has vowed to get there with more rate hikes if necessary.
⚡️ Still, with a Fed hike seemingly out of the way for now, dollar investors sat on the sidelines while others took some more profit on the greenback’s rally of the past eight weeks.
⚡️ H4 chart shows that right now gold is no longer attractive to traders ahead of the FOMC meeting, everyone is looking towards this meeting, price is active on EAM, RSI above 50, the price has touched the trendline and is retesting the support level at 1930. The selling force is no longer strong enough to break this zone, gold will stay sideways until the end of the 2 morning trading sessions.
⚡️Let me know your opinion. I'm looking forward to it
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⚡️ Increased uncertainty before the Fed meeting saw gold catch some bids in recent sessions, helping prices stay well above the $1,900 an ounce level. But bigger gains were limited by a stronger dollar, which traded close to six-month highs.
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⚡️ Sit and wait: That’s what the gold trading community seems to have decided ahead of Wednesday’s monetary policy update from the Federal Reserve and other central bank rate decisions due this week.
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⚡️Precious metal is under pressure on the Fed’s projection of an additional rate hike in 2023.
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⚡️The central bank held interest rates steady on Wednesday
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⚡️ Investors will closely watch the preliminary US S&P Global/CIPS PMI data.
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⚡️At the end of week 38, everything was still according to plan
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⚡️Gold ends week little changed, clinging to mid $1,900, despite hawkish Fed
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⚡️US PMIs kept the USD capped with a mixed print.
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⚡️The market seemed to stand still for 2 trading sessions this morning
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⚡️The DXY hit a new YTD high at 106.09, reflecting US strong economy, as soft-landing prospects grow.
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