XAUUSD Attention Range Trading
Updated
Gold had some ups and downs after the CPI data was released. Although the CPI data rose, the U.S. dollar index and 10-year government bond yields weakened, and the Federal Reserve may pause to raise interest rates.
The European Central Bank decided to raise interest rates by 25 basis points. The prospects for this time's interest rate hike are not good, and more investors are worried that the euro's economic growth has shown signs of weakness.
The United States released data showing that the retail sales rate in August was 0.6%, much higher than the expected 0.2%, and the number of unemployment benefits of 220,000 was lower than the expected 225,000.
Gold has reached the position of 1916.1. We need to see if it can break through the 1920 resistance and 1901 support. This will be the overall directional trend of the market. The U.S. dollar received strong support as U.S. economic data came in stronger than expected, which could limit gold's rebound.
Gold will remain more range trading until next week. Gold overall bearish
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