GOLD corrects and recovers, pay special attention to today's CPI

11 Tem

XAUUSD eased after a significant rise on Wednesday and started to recover in early Asian trading today (July 11).
Powell's testimony hinted at expectations of a Federal Reserve rate cut, a stronger dollar and rising bond yields, while investors await June U.S. inflation data to come. announced this weekend. A clearer picture of the path of US interest rates after the release of CPI and PPI data.

Federal Reserve Chairman Powell said Wednesday local time that current monetary policy is restrained and the neutral interest rate has increased, at least in the short term. Usually when Powell talks about a higher neutral interest rate, it means a higher long-term policy rate.
Powell said policy rates have been kept high for longer than initially expected because inflation and the labor market have been slow to respond.

But Powell added that this is an issue the Fed will consider in its next policy review, which begins later this year, so it could have an impact on long-term interest rates going forward.

Powell reiterated on Wednesday that more good data is needed to strengthen his stance on loose monetary policy.
On inflation, Powell said Wednesday that he is not yet confident that inflation will fall sustainably toward the 2% target. However, there is no need to wait for inflation to drop to 2% to cut interest rates.

Regarding the prospect of cutting interest rates, Mr. Powell said the Fed does not need to wait until inflation falls below 2% before cutting interest rates. Regarding interest rate cuts, no specific inflation value (standard) is noted.
The Fed has made great progress in shrinking its balance sheet, but there is still a long way to go.

According to CME's "Fed Watch" tool, the market expects a 74.1% chance of the Fed cutting interest rates in September and another rate cut in December.
Market focus is now shifting to US CPI and PPI data released on Thursday and Friday respectively. Recent data shows that US inflation has eased from unexpectedly high levels earlier this year.
Pay special attention to CPI data that will be published at 7:30 p.m. Hanoi time today, Thursday (July 11).
If inflation data continues to shrink, this will continue to be a fundamental factor in favor of gold prices. On the other hand, if inflation is higher than expected, it will boost the Dollar and cause gold prices to face the possibility of a correction. significantly reduced.

Analysis of technical prospects for XAUUSD
Although gold prices have adjusted downward after increasing significantly in yesterday's trading session, the general trend has not changed with factors supporting the possibility of price increases.

In the immediate term, sustaining above $2,364 provides gold prices with the closest support and once it breaks $2,377 it will have room to continue bullish with a target then at the 2,400 raw price point. USD in the short term.

As long as gold remains above the EMA21 and within the price channel, the bullish technical outlook will not change, on the other hand, the RSI pointing up without reaching the overbought level suggests room for further upside. The technical side remains on the daily chart.

During the day, the uptrend of gold prices will be noticed again by the following technical points.
Support: 2,364 – 2,350USD
Resistance: 2,387 – 2,393 – 2,400USD

🪙SELL XAUUSD | 2401 - 2399

⚰️SL: 2405

⬆️TP1: 2394
⬆️TP2: 2389

🪙BUY XAUUSD | 2337 - 2339

⚰️SL: 2333

⬆️TP1: 2344
⬆️TP2: 2349

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12 Tem

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The monthly producer price index, a measure of prices received by producers of domestic goods and services, rose 0.2% during the month. Economists were looking for an increase of just 0.1%, while the previous reading had recorded a decline of 0.2% in May.

On an annual basis, the index recorded an increase of 2.6% compared to June, and in May it recorded 2.4%, while experts expected a recording of 2.3%.

12 Tem

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The monthly producer price index, a measure of prices received by producers of domestic goods and services, rose 0.2% during the month. Economists were looking for an increase of just 0.1%, while the previous reading had recorded a decline of 0.2% in May.

On an annual basis, the index recorded an increase of 2.6% compared to June, and in May it recorded 2.4%, while experts expected a recording of 2.3%.

13 Tem

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World gold prices decreased but still maintained the 2,400 USD/oz mark in the trading session on Friday (July 12) and completed the third consecutive week of increase thanks to expectations that the US Federal Reserve (Fed) will soon interest rate cuts. Some experts predict that gold prices could re-establish an all-time record in the next few days.

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Gold prices fell slightly in early Asian trading on Monday, remaining at record highs but demand for safe-haven assets did not increase following the assassination attempt on former US President Donald Trump.