2022-12-15 • Updated
The Bureau of Labor Statistics will post June’s US CPI data on July 13th. It seems like markets expect to see high numbers, as the US dollar index (DXY) is flying to 107.00 while risk assets keep being pressed.
Also, investors keep in mind that the Federal Reserve might increase the key rate by50 basis points at the end of July, sending it to 2.25%.
An upcoming key rate increase combined with the oil market prices dump will cool the inflation down. Investors, who usually buy gold on expectations of increasing inflation and sell it at the opposite moment, have been getting rid of the yellow metal since March 2022. There is no doubt that they will keep doing that, freeing up capital to buy riskier assets such as cryptocurrencies and stocks, some of which have lost over 50% since the start of the year.
XAUUSD has broken through the support trend line on the weekly timeframe with a strong
impulse. Currently, the price is heading towards $1745, the main on the same timeframe. As soon as a weekly candle closes below this level, XAUUSD will head towards $1725 and $1690.
However, the breakout might now happen right away. Risky traders might try to catch a pullback by buying gold at $1745 with the target at $1765.
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Gold prices are rising for three consecutive days ahead of the Federal Reserve (Fed) interest rate decision, which is expected to remain unchanged due to declining inflation and a positive economic outlook. Investors are keen on the Fed's interest rate guidance, fearing a hawkish stance that could trigger market risk aversion.
Let's dive into the world of gold. Currently, the price of gold, represented by XAUUSD, is stuck in indecision, hovering around the $1,975 mark. The market is anxiously awaiting two important factors: the release of the Federal Reserve's meeting minutes and the extension of the US debt ceiling.
Bitcoin's price remains stagnant despite the Fed's slightly less hawkish tone. In contrast, Bitcoin has outperformed other assets, doubling in price from $16K to nearly $38K this year. Improved fundamentals, including the resolution of Binance concerns...
Hey folks, it’s a wrap to yet another month in the 2023 calendar, and I’m guessing you know what that means - time for another episode in the “What To Trade” series. For December, I will be mapping out trade more cautiously as the market volatility often drops
Gold prices, reaching the highest since May 5, are consolidating as traders await the US PCE Price Index, a key inflation indicator. The upcoming data could impact the Fed's policy, influencing the demand for the US Dollar and providing direction for gold. The Greenback sees some repositioning, recovering modestly ahead of the data risk.
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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