GOLD fell despite CPI supporting interest rate cuts

7 hari lalu

XAUUSD became a "victim" of Trump and the price plummeted to 2,564 USD/oz. CNN and NBC confirmed that Donald Trump has won three consecutive victories and the Republican Party maintains a slim majority in the US House of Representatives. The US Consumer Price Index (CPI) for October was in line with expectations and the Fed's December interest rate cut was priced in, boosting crypto buying.
What any trader needs to do to survive in the "Trump Environment" is to follow "Trump" X because each of his status lines will directly impact the financial market.

News
Bloomberg reports that Republicans maintain a slim majority in the U.S. House of Representatives, giving Trump and his party unified control of elected government agencies and limiting potential restrictions on with the power of the incoming president.
CNN and NBC News reported Wednesday that the Republican victory significantly dampened Democrats' hopes of curbing Trump's influence in next year's bitter showdown over trillions of dollars in government spending. Tax provisions are about to expire.
Trump wants to extend tax cuts approved during his first term and add new measures he promised during the campaign.

US CPI is in line with market expectations, the Fed is certain to cut interest rates in December
The US Bureau of Labor Statistics reported that the US seasonally adjusted annual CPI rate in October was 2.6%, marking a recovery in inflation from September, when the CPI increased 2.4%. % compared to the same period last year.
Core inflation, excluding food and energy items, increased 3.3% year-on-year, which may better reflect the underlying inflation trend.

Both results were in line with market expectations, and this was the first inflation report since the US election.
Although inflation tends to cool down, US President-elect Trump took office during a sensitive period for the US economy, causing gold to remain suppressed. The Fed's goal is to lower interest rates to ensure the economy continues to grow healthily without causing inflation.
Federal Reserve members are tempering market expectations for an aggressive central bank easing cycle, but the market remains fairly confident of another 25 basis point rate cut in December. . Traders are currently pricing in around an 83% chance the Fed will cut interest rates in December, compared with 60% ahead of the US inflation data.

Analysis of technical prospects for XAUUSD
On the daily chart, gold has broken below the price channel to facilitate a new bearish cycle with a near-term target around $2,548 rather than the $2,528 level noted by readers in the previous issue. .

Meanwhile, the Relative Strength Index continues to point down with a steep slope without reaching the oversold area, showing that the bearish outlook is still ahead and the recovery phase may not yet occur. Gold had had 4 consecutive days of strong declines before that.

During the day, the technical outlook for gold remains bearish with notable points listed as follows.
Support: 2,548 – 2,528USD
Resistance: 2,580 – 2,588 – 2,600USD

SELL XAUUSD PRICE 2644 - 2642⚡️
↠↠ Stoploss 2648

→Take Profit 1 2637
↨
→Take Profit 2 2632

BUY XAUUSD PRICE 2546 - 2548⚡️
↠↠ Stoploss 2542

→Take Profit 1 2553
↨
→Take Profit 2 2558

7 hari lalu

Nota

🔴Spot gold is 1.00% lower on the day, falling below $2,550 an ounce for the first time since September 18.

6 hari lalu

Nota

Spot gold price decreased 0.1% to 2,570.05 USD/oz, hitting the lowest level since September 12. US gold futures contracts closed down 0.5% at 2,572.90 USD.

6 hari lalu

Nota

4 hari lalu

Nota

Over the past 2 weeks, gold investors have been worried as they witnessed the price of this precious metal fall from the price range of 2,800 USD/ounce to more than 2,500 USD/ounce. Despite being soothed by the information that gold is still strongly supported in the medium and long term, gold holders are still "anxious" as prices continue to decline day by day.

3 hari lalu

Nota

Gold prices started a new trading week this morning (November 18) in a state of strong increase, after recording the strongest weekly decline in more than 3 years last week. However, experts say that the pressure to depreciate this precious metal is still great due to profit-taking activities of investors, the upward trend of the USD, and expectations of interest rate reduction that have become weaker after the election. elect US president.

3 hari lalu

Nota

This week, the market will focus on PMI data from major economies, inflation in the UK and questions about the possibility of a "soft landing" of the US economy. PMI and CPI data will be important factors in determining global growth and inflation trends amid current uncertainty.

3 hari lalu

Nota

Gold increased to above 2,610 USD/oz

kelmarin

Nota

At the end of the trading session on November 18, the spot gold contract increased 1.8% to 2,608.19 USD/oz, escaping the 2-month low recorded on November 14. Gold futures contracts added 1.7% to 2,614.60 USD/oz.