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XAU price forecast continues to rise before the news

Panjang
FOREXCOM:XAUUSD   Emas Semerta / Dolar A.S.
World gold prices increased thanks to motivation from the weakening of the USD and US Treasury bond yields after US producer price data for April was announced.

Specifically, the US producer price index (PPI) in April increased by 0.5% over the previous month, a stronger increase than the forecast of 0.3%. Core PPI (excluding volatile food and energy) also rose 0.5% in April versus forecasts of 0.2%.

In his speech in Amsterdam (Netherlands), FED Chairman Jerome Powell said inflation is still high and the FED will have to spend more time in this fight. He said the Fed will maintain restrictive monetary policy until inflation falls to its target level of 2%.

Marex analyst Edward Meir said that the fact that FED Chairman Jerome Powell did not signal a rise in interest rates is also a positive thing for gold and could help this precious metal increase further.

Currently, the market is waiting for the US consumer price index (CPI) for April to be announced on May 15. CPI is forecast to be unchanged compared to the March report. Annual CPI is forecast to increase by 3.6% compared to the 3.8% increase in the March report.

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