XAUUSD: Gold price is limited to increase with PPI

Market participants are currently examining the economic records of the United States, which include the release of the Producer Price Index (PPI), along with preliminary consumer sentiment and inflation expectations. This, coupled with US bond yields, can impact the driving forces behind USD prices and provide some impetus for gold prices. Additionally, a broader risk sentiment allows traders to seize short-term opportunities. However, XAU/USD ended in red for the third consecutive week and announced its lowest weekly closing level since March.

Dagangan aktif:

Gold prices recovered after momentum oscillators on the lower time frame reported that bearish momentum weakened due to reduced selling pressure. However, for a confident reversal, the yellow metal has to go through many filters. Gold price is struggling as it corrected near the 200-day Exponential Moving Average (EMA) around $1,907.68. A failure to sustain above this level will likely push the precious metal into bearish territory.