Recovering from $1,925, gold could be interesting in the Asian
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XAUUSD
recovered from the support at $1.925 sent to readers in the early Asian releases on August 9, but the outlook is still quite negative due to the strengthening of the US Dollar and new concerns about the sector. the banking and real estate sectors as signs of inflation from China and the US weighed on gold.
Earlier in yesterday's trading day, the focus was on the statements of the Fed, and created significant selling pressure on gold.
In response to Fed Harker's policy change; Philadelphia Fed President Richmond Barkin, said: "I believe we may have reached a point where we can patiently keep rates steady and let the monetary policy actions we take take effect. ". on the other hand, Fed President Richmond Barkin said gross domestic product (GDP) remains "solid". Barkin's comments are somewhat supportive of a solid interest rate stance so gold is under pressure to sell quickly.
On this trading day, with the release of leading inflation data, including China's consumer price index (CPI) and producer price index (PPI), gold prices could be interesting in trading. during the Asian session.
CPI signals a deflation rate in one of the world's largest gold consuming countries, published figures are -0.3% vs. -0.4% YoY previously reported, while PPI improved to -4.4% from -5.4% previously, forecast at -4.1%.
The market will continue to digest these data.
Price technical outlook analysis
XAUUSD
On the daily chart, gold is recovering from the support at $1,925 in previous publications but it is still meeting all the conditions for a major downtrend.
The recovery marked by the 0.236% Fibonacci retracement is the current nearest resistance.
On the other hand, if the $1,925 level breaks below gold, there is prospect for more declines with a target then around $1,910, a new bearish cycle for gold if the $1,925 level is broken.
The technical outlook for gold remains bearish with notable technical levels as follows.
Support: 1,925 – 1,910USD
Resistance: 1,933 – 1,938USD
Finally, @BestSC wishes you a productive and happy working day
XAUUSD
recovered from the support at $1.925 sent to readers in the early Asian releases on August 9, but the outlook is still quite negative due to the strengthening of the US Dollar and new concerns about the sector. the banking and real estate sectors as signs of inflation from China and the US weighed on gold. Earlier in yesterday's trading day, the focus was on the statements of the Fed, and created significant selling pressure on gold.
In response to Fed Harker's policy change; Philadelphia Fed President Richmond Barkin, said: "I believe we may have reached a point where we can patiently keep rates steady and let the monetary policy actions we take take effect. ". on the other hand, Fed President Richmond Barkin said gross domestic product (GDP) remains "solid". Barkin's comments are somewhat supportive of a solid interest rate stance so gold is under pressure to sell quickly.
On this trading day, with the release of leading inflation data, including China's consumer price index (CPI) and producer price index (PPI), gold prices could be interesting in trading. during the Asian session.
CPI signals a deflation rate in one of the world's largest gold consuming countries, published figures are -0.3% vs. -0.4% YoY previously reported, while PPI improved to -4.4% from -5.4% previously, forecast at -4.1%.
The market will continue to digest these data.
Price technical outlook analysis
XAUUSD
On the daily chart, gold is recovering from the support at $1,925 in previous publications but it is still meeting all the conditions for a major downtrend.
The recovery marked by the 0.236% Fibonacci retracement is the current nearest resistance.
On the other hand, if the $1,925 level breaks below gold, there is prospect for more declines with a target then around $1,910, a new bearish cycle for gold if the $1,925 level is broken.
The technical outlook for gold remains bearish with notable technical levels as follows.
Support: 1,925 – 1,910USD
Resistance: 1,933 – 1,938USD
Finally, @BestSC wishes you a productive and happy working day
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