💡 XAUUSD: Expect big CPI
Updated
World gold prices are on a decline, influenced by the strengthening USD and the upward trend in bond yields. The USD saw a 0.2% increase, rendering gold more costly for those holding different currencies. Concurrently, the surge in US 10-year Treasury yields elevated the opportunity cost associated with holding gold.
Investor attention is currently focused on significant upcoming meetings of various central banks. Notably, the European Central Bank, Bank of England, Norges Bank, and Swiss National Bank are scheduled to hold policy meetings on Thursday. Additionally, investors are keenly awaiting the release of US inflation data, which is anticipated to impact the policy direction of the US Federal Reserve (Fed).
Jim Wyckoff, a senior analyst at Kitco Metals, remarked, "Gold traders are in anticipation of new fundamental factors." The short-term chart condition of gold has deteriorated, and a higher-than-expected Consumer Price Index (CPI) number could potentially trigger selling pressure in the gold market.
Investor attention is currently focused on significant upcoming meetings of various central banks. Notably, the European Central Bank, Bank of England, Norges Bank, and Swiss National Bank are scheduled to hold policy meetings on Thursday. Additionally, investors are keenly awaiting the release of US inflation data, which is anticipated to impact the policy direction of the US Federal Reserve (Fed).
Jim Wyckoff, a senior analyst at Kitco Metals, remarked, "Gold traders are in anticipation of new fundamental factors." The short-term chart condition of gold has deteriorated, and a higher-than-expected Consumer Price Index (CPI) number could potentially trigger selling pressure in the gold market.
Note
The focus this week will be on the US November consumer price report to be released on Tuesday (US time), followed by the Fed's statement and comments from Fed Chairman Jerome Powell on Wednesday.Trade active
NICE SELL GOLD. Gold going downNote
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