Inflation Is Rising In The Eurozone. Key Moment For XAUUSD

Inflation Is Rising In The Eurozone. Key Moment For XAUUSD

Happy Wednesday, dear traders! GBPUSD is skyrocketing due to the higher-than-expected UK CPI release. Let's check more news moving the markets today!

  • Asian stocks are trading flat as tensions in the Middle East offset optimism about China's GDP, hitting 4.9% year-to-year versus the 4.4% expected.
  • Yesterday, NVIDIA shares fell 7% on news of a ban on chip exports to China.
  • JPMorgan and Citibank expect the EURUSD to reach 1.00 in the middle term.
  • Analysts say the market's main expectations for earnings growth this US earnings season are again associated with BigTech. The five tech giants are expected to show profit growth of an average of 34%. 
  • At its next meeting, OPEC+ will discuss a possible increase in oil production in early 2024 if the global oil shortage worsens. 
  • Eurozone monthly inflations hit 0.3% versus -0.5% a month ago. EURUSD is rising. 

XAUUSD technical analysis


As we discussed earlier in our Telegram channel, XAUUSD reached the 1948.00 resistance level. Now, it is the key moment for the price: 

  • If buyers push XAUUSD above this area, the target would be at 1982.00.
  • However, if the price bounces off 1948.00, a slight correction toward 1930.00 and even 1907.00 may happen.

Have a great trading session!


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