GOLD moves closer to 2,370 USD, pay attention to CPI
Atualizado
In the Asian market today, Wednesday (July 10), 
XAUUSD Spot delivery suddenly increased rapidly in the short term, gold prices approached the mark of 2,370 USD/ounce.
On Tuesday, Federal Reserve Chairman Powell did not give a clear signal that an interest rate cut was imminent.
In testimony before Congress on Tuesday, Powell said that inflation "remains above" the Fed's 2% target, but it has improved in recent months, so if the Fed wants to start cutting rates productivity, they need more good data to support its plausibility.
Powell also noted that the labor market has cooled, adding that “we now have bilateral risks” and can no longer focus solely on inflation. But Powell did not offer the dovish stance some market participants were looking for.
Federal Reserve Chairman Jerome Powell will appear before the House Financial Services Committee on Wednesday. This hearing was Powell's last public address to Congress before the United States presidential election.
Following Powell's congressional speech, the market's focus is on the US Consumer Price Index (CPI) to be released on Thursday. Recent data shows US CPI data starting to decline from unexpectedly high levels at the beginning of the year.
According to CME "Fed Watch" data, the probability of the Fed keeping interest rates unchanged in August is 95.3% and the probability of cutting interest rates by 25 basis points is 4.7%. The probability that the Fed will keep interest rates unchanged until September is 26.7%, the cumulative probability of a 25 basis point rate cut is 70.0%, and the cumulative probability of a 50 basis point rate cut is 3 .3%.
When interest rates are low, the attractiveness of gold tends to increase and boost gold prices.
Analysis of technical prospects forXAUUSD
On the daily chart, gold continues to try to recover from the downward correction earlier this week and is heading towards the price area that was the resistance target noted by readers in yesterday's publication, at the price point of 2,377. USD.
The fact that gold maintains price activity above 2,364USD is considered a positive technical signal. Meanwhile, once gold breaks the resistance at 2,377 USD, it will have enough technical conditions to continue towards the subsequent target level at the original price point of 2,400 USD.
In terms of the overall technical chart, gold has all the bullish conditions with the main trend from the price channel, the nearest support is noticed at the technical point of 2,364 USD and the support confluence of the price channel, Fibonacci retracement. 0.236% and EMA21 moving average.
As long as gold remains above the EMA21, the near-term technical outlook for gold prices remains bullish, with notable technical levels listed below.
Support: 2,364 – 2,345 – 2,340USD
Resistance: 2,377 – 2,400USD
🪙SELL XAUUSD | 2384 - 2382
⚰️SL: 2388
⬆️TP1: 2377
⬆️TP2: 2372
🪙BUY XAUUSD | 2337 - 2339
⚰️SL: 2333
⬆️TP1: 2344
⬆️TP2: 2349
XAUUSD Spot delivery suddenly increased rapidly in the short term, gold prices approached the mark of 2,370 USD/ounce.On Tuesday, Federal Reserve Chairman Powell did not give a clear signal that an interest rate cut was imminent.
In testimony before Congress on Tuesday, Powell said that inflation "remains above" the Fed's 2% target, but it has improved in recent months, so if the Fed wants to start cutting rates productivity, they need more good data to support its plausibility.
Powell also noted that the labor market has cooled, adding that “we now have bilateral risks” and can no longer focus solely on inflation. But Powell did not offer the dovish stance some market participants were looking for.
Federal Reserve Chairman Jerome Powell will appear before the House Financial Services Committee on Wednesday. This hearing was Powell's last public address to Congress before the United States presidential election.
Following Powell's congressional speech, the market's focus is on the US Consumer Price Index (CPI) to be released on Thursday. Recent data shows US CPI data starting to decline from unexpectedly high levels at the beginning of the year.
According to CME "Fed Watch" data, the probability of the Fed keeping interest rates unchanged in August is 95.3% and the probability of cutting interest rates by 25 basis points is 4.7%. The probability that the Fed will keep interest rates unchanged until September is 26.7%, the cumulative probability of a 25 basis point rate cut is 70.0%, and the cumulative probability of a 50 basis point rate cut is 3 .3%.
When interest rates are low, the attractiveness of gold tends to increase and boost gold prices.
Analysis of technical prospects for
XAUUSD On the daily chart, gold continues to try to recover from the downward correction earlier this week and is heading towards the price area that was the resistance target noted by readers in yesterday's publication, at the price point of 2,377. USD.
The fact that gold maintains price activity above 2,364USD is considered a positive technical signal. Meanwhile, once gold breaks the resistance at 2,377 USD, it will have enough technical conditions to continue towards the subsequent target level at the original price point of 2,400 USD.
In terms of the overall technical chart, gold has all the bullish conditions with the main trend from the price channel, the nearest support is noticed at the technical point of 2,364 USD and the support confluence of the price channel, Fibonacci retracement. 0.236% and EMA21 moving average.
As long as gold remains above the EMA21, the near-term technical outlook for gold prices remains bullish, with notable technical levels listed below.
Support: 2,364 – 2,345 – 2,340USD
Resistance: 2,377 – 2,400USD
🪙SELL XAUUSD | 2384 - 2382
⚰️SL: 2388
⬆️TP1: 2377
⬆️TP2: 2372
🪙BUY XAUUSD | 2337 - 2339
⚰️SL: 2333
⬆️TP1: 2344
⬆️TP2: 2349
Nota
🟢Goldman Sachs predicts when the US Federal Reserve will cut interest ratesAnalysts at the US investment bank Goldman Sachs expressed, on Wednesday, their optimism regarding the US Federal Reserve’s interest rate cuts that will be decided by the Federal Open Market Committee during the coming period.
Nota
➡️Despite Powell's supportive testimony... the US dollar is declining today!The US dollar index fell near its lowest levels in three weeks, today, Wednesday, despite US Federal Reserve Governor Jerome Powell’s supportive statements regarding interest rates, but the decline in US bond yields led to a weak performance of the US dollar, amid anticipation of the second and final day of Jerome’s testimony. Powell before Congress.
Trade fechado: objetivo atingido
SELL XAUUSD Close Full Hit TP2 + 120pips 🗡Nota
The monthly producer price index, a measure of prices received by producers of domestic goods and services, rose 0.2% during the month. Economists were looking for an increase of just 0.1%, while the previous reading had recorded a decline of 0.2% in May.On an annual basis, the index recorded an increase of 2.6% compared to June, and in May it recorded 2.4%, while experts expected a recording of 2.3%.
Nota
World gold prices decreased but still maintained the 2,400 USD/oz mark in the trading session on Friday (July 12) and completed the third consecutive week of increase thanks to expectations that the US Federal Reserve (Fed) will soon interest rate cuts. Some experts predict that gold prices could re-establish an all-time record in the next few days.Nota
Gold prices fell slightly in early Asian trading on Monday, remaining at record highs but demand for safe-haven assets did not increase following the assassination attempt on former US President Donald Trump.
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