XAUUSD : Golden forecast for a new week

14 Ogo 2023

Last week, international gold prices continued to fall as the US Dola Index and 10-year Treasury yields on the rise for the fourth consecutive week.

US consumers have begun to stress more in living and saving in spending due to continuously rising US interest rates. Force the Fed to stop raising interest rates if it doesn't want the US economy to fall into a recession.

This week, it seems that the upcoming news does not seem to have much impact on Gold according to the released news forecasts.

Technically, the $ 1900 area is a major resistance area that many yuan are interested in to ensure that Gold does not fall into a deep decline afterwards.

14 Ogo 2023

Nota

The unimpressive US inflation data allowed Fed policymakers to celebrate a win against price pressures, but traders looked for more details to welcome concerns about the economy. policy pivot. The same goes for concerns about China, the world's largest Gold customer, putting pressure on XAU/USD prices.

14 Ogo 2023

Nota

Gold has just experienced a week of continuous declines when both CPI and PPI economic data released are not in favor of Gold. The use of a bounce back makes the market center start thinking that the Fed will keep interest rates high for a long time. An early version of the Fed's easing will be far away

Besides, the US labor market is still very strong when the unemployment rate is only 3.5%, a very impressive number for a large economy like the United States. The hourly earnings of workers are still rising, showing that the pressure of employment is still high and the Fed will still be very difficult.