Gold is Getting Strong

Gold is Getting Strong

Happy Friday, dear traders! Friday is always a little holiday, so we hope you’re ready to trade as much as possible before the weekend! Let’s see what news can be interesting for today:

Today’s events:

17:00 GMT+2 - Prelim UoM Consumer Sentiment 

Gold is doing great

Gold prices topped $1,750 for the first time since August 30. It happened due to a CPI data release, which showed the US inflation rate was less than expected last month, 7.7% from 7.9% y/y. Gold, which reversely correlates with the US dollar, immediately after release gained almost 3%.

RSI overbought conditions are joining the upper line of the weekly bullish channel. Besides, the 50-HMA level acts as direct support. It’s worth noting that sustained trading above $1,765 will not hesitate to challenge the five-month horizontal resistance area around $1,805. Gold remains on the bulls' radar, but the upside seems limited.

 XAUUSDH1news.png

Other news worth mentioning:

  • The S&P 500 and Nasdaq Composite posted their strongest single-day gains since 2020, +5.5% and +7.4%, respectively.
  • An indicator of Hong Kong-listed tech stocks rose more than 10% as the lockdown change followed a call by leaders in Beijing for more precise and targeted measures to combat the virus.
  • Elon Musk's told Twitter's employees he couldn't rule out the company filing for bankruptcy next year. Redundancies in the company also continue.
  • The recent mass layoff at Meta marks a turning point for the company, whose share price has fallen 70% over the past year. Other major challenges for Meta include the rise of TikTok, Apple's privacy changes that hurt ad revenue, and a shortage of Gen Z users.
  • com Inc. — the world's first public company to lose a trillion dollars in market value due to rising inflation, monetary tightening, and disappointing earnings reports, triggered a historic sell-off in stocks this year.

Have a great day!

 

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