World gold prices this morning were stable with spot gold increasing by 2.5 USD to 1,922.4 USD/ounce. Gold futures last traded at 1,945.6 USD/ounce, down 1.6 USD compared to yesterday morning.
The precious metals market was quiet in the first trading session of the week due to the lack of data and events stimulating the market. Traders are waiting for inflation data for more clues about the upcoming direction of the US Federal Reserve (Fed). Specifically, the consumer price index report for August will be published on Wednesday morning. CPI is expected to increase by 4.3% over the same period last year, compared to an increase of 4.7% in the monthly report.
Information about the European Central Bank's policy meeting this week is also of interest to investors. It is expected that this bank will slightly increase interest rates by 25 basis points.
According to a recent report from the Commodity Futures Trading Commission, hedge funds continue to reduce their bearish price bets on gold. However, analysts note that bullish sentiment needs to improve if gold is to break initial resistance above $1,980 an ounce.
The precious metals market was quiet in the first trading session of the week due to the lack of data and events stimulating the market. Traders are waiting for inflation data for more clues about the upcoming direction of the US Federal Reserve (Fed). Specifically, the consumer price index report for August will be published on Wednesday morning. CPI is expected to increase by 4.3% over the same period last year, compared to an increase of 4.7% in the monthly report.
Information about the European Central Bank's policy meeting this week is also of interest to investors. It is expected that this bank will slightly increase interest rates by 25 basis points.
According to a recent report from the Commodity Futures Trading Commission, hedge funds continue to reduce their bearish price bets on gold. However, analysts note that bullish sentiment needs to improve if gold is to break initial resistance above $1,980 an ounce.
Comment:
The report for the week ending August 29 showed that money managers reduced their total speculative long positions in Comex gold futures by 387 to 120,222 contracts. At the same time, short positions decreased by 11,510 contracts to 69,857.
Trade active:
RUNNING !!!!
Comment:
+20PIPS !!!!!
Comment:
⭐️Many analysts have noted that gold is in a neutral trading range as the sector continues to be dominated by rising bond yields and solid dollar strength.
Comment:
⭐️HIT TP1 +40PIPS
Comment:
⭐️The gold market is currently net buying 50,365 contracts, only slightly up from last week's increase, fueled by significant short selling. Despite the covering buying, gold prices failed to break resistance at $1,980/ounce, with prices falling to support around $1,950/ounce during the survey period.
Comment:
⭐️Although gold has likely recovered in 2023, some analysts say persistent inflation as oil prices trade near their highest in nearly a year is forcing the Fed to maintain higher monetary policies. over longer periods, this creates additional golden obstacles.
TP1: 1920
TP2: 1915
SL: 1930