US CPI data could put GOLD into accumulation
Atualizado
After the US announced March inflation data, 
XAUUSD is on the defensive. The data showed an increase in both monthly and yearly readings and could weaken the Fed's intention to ease policy. The data provided some resistance to the precious metal after its recent run of heat.
The US consumer price index (CPI) increased 0.4% monthly and 3.5% annually, exceeding expectations and recovering from the previous month. The core consumer price index, excluding food and energy, also exceeded expectations, holding steady at 0.4% month-on-month and increasing 3.8% year-over-year, in line with consistent with February data. Strong CPI data forced traders to reduce bets on an interest rate cut by the Federal Reserve. In general, the Fed's sustained high interest rates will put downward pressure on prices for non-yielding assets such as gold because it increases the cost of investing in these assets.
Still, gold has remained an anomaly over the past few weeks, with demand remaining strong even as traders bet big on the prospect of interest rate cuts at the Reserve's June and July meetings. Federal. Gold has remained in focus over the past few weeks as tensions in the Middle East escalated again, underpinning safe-haven buying and pent-up demand for the precious metal from global central banks. Central banks are hoarding gold to prevent a possible economic recession.
Overall, gold still has a lot of fundamental room to support price increases but with the newly released CPI data it will be held back a bit without changing the main market trend.
As told to readers through short comments during the day, CPI data can create short-term downward adjustments without changing the trend, so short positions are opened in search of profits. Expecting a downward adjustment should also be kept at short-term levels. Almost the current market is just waiting for a drop to buy, there is too much geopolitical instability growing.
Analysis of technical prospects forXAUUSD
On the daily chart, gold is still maintaining stability with short, medium and long-term trends being bullish and after yesterday's slight correction, gold moved above the 0.786% Fibonacci level, causing a decline. greater chance of downward adjustment.
On the prospect of a downside correction, gold would have more technical room to fall further towards the confluence of the lower edge of the price channel and the 0.618% Fibonacci extension if it is sold below $2,331, also This means that the level of 2,331USD is the closest support currently.
Meanwhile, the notable resistance levels at $2,355 – $2,365 will be important technical levels as once they are broken gold is likely to continue making new all-time highs with a target level. Then at 2,382USD the price point of the Fibonacci extension is 1%.
During the day, with the newly published CPI data, gold is likely to have a downward correction and enter accumulation with the main uptrend remaining unchanged. Notable technical levels are listed below.
Support: 2,331 – 2,320USD
Resistance: 2,358 – 2,365 - 2,375USD
🪙SELL XAUUSD | 2356 - 2354
⚰️SL: 2360
⬆️TP1: 2349
⬆️TP2: 2344
🪙BUY XAUUSD | 2302 - 2304
⚰️SL: 2298
⬆️TP1: 2309
⬆️TP2: 2314
XAUUSD is on the defensive. The data showed an increase in both monthly and yearly readings and could weaken the Fed's intention to ease policy. The data provided some resistance to the precious metal after its recent run of heat.The US consumer price index (CPI) increased 0.4% monthly and 3.5% annually, exceeding expectations and recovering from the previous month. The core consumer price index, excluding food and energy, also exceeded expectations, holding steady at 0.4% month-on-month and increasing 3.8% year-over-year, in line with consistent with February data. Strong CPI data forced traders to reduce bets on an interest rate cut by the Federal Reserve. In general, the Fed's sustained high interest rates will put downward pressure on prices for non-yielding assets such as gold because it increases the cost of investing in these assets.
Still, gold has remained an anomaly over the past few weeks, with demand remaining strong even as traders bet big on the prospect of interest rate cuts at the Reserve's June and July meetings. Federal. Gold has remained in focus over the past few weeks as tensions in the Middle East escalated again, underpinning safe-haven buying and pent-up demand for the precious metal from global central banks. Central banks are hoarding gold to prevent a possible economic recession.
Overall, gold still has a lot of fundamental room to support price increases but with the newly released CPI data it will be held back a bit without changing the main market trend.
As told to readers through short comments during the day, CPI data can create short-term downward adjustments without changing the trend, so short positions are opened in search of profits. Expecting a downward adjustment should also be kept at short-term levels. Almost the current market is just waiting for a drop to buy, there is too much geopolitical instability growing.
Analysis of technical prospects for
XAUUSD On the daily chart, gold is still maintaining stability with short, medium and long-term trends being bullish and after yesterday's slight correction, gold moved above the 0.786% Fibonacci level, causing a decline. greater chance of downward adjustment.
On the prospect of a downside correction, gold would have more technical room to fall further towards the confluence of the lower edge of the price channel and the 0.618% Fibonacci extension if it is sold below $2,331, also This means that the level of 2,331USD is the closest support currently.
Meanwhile, the notable resistance levels at $2,355 – $2,365 will be important technical levels as once they are broken gold is likely to continue making new all-time highs with a target level. Then at 2,382USD the price point of the Fibonacci extension is 1%.
During the day, with the newly published CPI data, gold is likely to have a downward correction and enter accumulation with the main uptrend remaining unchanged. Notable technical levels are listed below.
Support: 2,331 – 2,320USD
Resistance: 2,358 – 2,365 - 2,375USD
🪙SELL XAUUSD | 2356 - 2354
⚰️SL: 2360
⬆️TP1: 2349
⬆️TP2: 2344
🪙BUY XAUUSD | 2302 - 2304
⚰️SL: 2298
⬆️TP1: 2309
⬆️TP2: 2314
Nota
The ECB policy decision is the main focus in today's European session, along with the US PPI report. Market expectations for an interest rate cut in June are key to the ECB decision. Bulls anticipate strong data in the US PPI report following yesterday's above-expected CPI report.Nota
🟥US Federal Reserve Member Barkin: The data did not raise our confidence in the spread of declining inflationUS Federal Reserve Bank of Richmond Governor Thomas Barkin said during his speech on Thursday that the recent consumer price inflation data did not increase his confidence that the decline in inflation is spreading as desired to all sectors of the economy.
Trade ativo
Plan SELL Running + 20pips💸Nota
Nota
BlackRock CEO Larry Fink predicts the Fed will cut interest rates a maximum of two times this yearBlackRock CEO Larry Fink predicts the Fed will cut interest rates a maximum of two times this year and containing inflation will be a challenge for this central bank.
CEO Fink told CNBC on Friday after the asset management company released its first-quarter results that he would "consider the target accomplished" if the inflation rate falls to around 2.8% to 3%, which is higher. Fed's 2% target.
Nota
After rising to 2,431 USD/ounce, the highest price in history, gold encountered profit-taking pressure, causing the price of this precious metal to decline sharply. While gold failed to hold above $2,400 an ounce, analysts noted that it remains strong as it prepares to set another weekly record. The new record comes even as markets begin to assess the possibility of an interest rate cut in June after March inflation was higher than expected.Nota
🟥Former US State Department official William Lawrence: The United States wants to adopt a non-escalatory stance and search for a solution to conflicts and conflicts, and the Iranian attack failed by 99%.Nota
Over the past week, gold prices have experienced an impressive increase to $2,400 despite the strength of the US dollar and currently XAU/USD is trading around $2,360. The reason for this partly comes from the market's risk aversion as geopolitical tensions in the Middle East continue to increase.Nota
🟢Gold prices rose to approach the record high level recorded last week- The rise was supported by concerns about escalating geopolitical tensions between Iran and Israel
- Gold in spot transactions rose 0.2% to $2,387.11 per ounce, and US gold futures contracts increased 0.9% to $2,403.90.
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