Gold prices retreated in accordance with market expectations
💥GOLD information
World gold prices decreased with spot gold down 27.2 USD to 2,335.7 USD/ounce. Gold futures last traded at 2,342.2 USD/ounce, down 32.8 USD compared to yesterday morning.
Short-term futures traders rushed to book profits after recent gains put pressure on the yellow metal in early trading of the week. Meanwhile, the market is still waiting for further data to know more about the interest rate direction of the US Federal Reserve (Fed).
Currently, traders and investors are waiting for important US inflation data for April with the producer price index to be released on May 14 and the consumer price index on May 15. 5. PPI is forecast to increase 0.3% over the previous month, compared to a 0.2% increase in the March report. CPI is forecast to increase 0.4%, unchanged from the March report. CPI Annual growth in April is forecast to increase by 3.6% compared to a 3.8% increase in the March report.
Recently, Fed officials have said that the Fed will loosen monetary policy if there is evidence that inflation declines sustainably. Therefore, this data is very important and is expected to have a great impact on the future direction of gold.
💥Technically
Gold retreated to around 2330 with support from EMA 89. Gold price rebounded from this area, showing that the main trend of the market is still uptrend. It can be said that gold is stuck within the trendline border in the h4 frame and is heading towards the lower trendline area. The support level of 2330 is still enough to push the gold price to 2360 or 2375 if it remains above the important technical area of 2330. If you break out of 2375, then Correctly determined according to the current market trend is that gold will touch the old peak of 2432 in June or September.
World gold prices decreased with spot gold down 27.2 USD to 2,335.7 USD/ounce. Gold futures last traded at 2,342.2 USD/ounce, down 32.8 USD compared to yesterday morning.
Short-term futures traders rushed to book profits after recent gains put pressure on the yellow metal in early trading of the week. Meanwhile, the market is still waiting for further data to know more about the interest rate direction of the US Federal Reserve (Fed).
Currently, traders and investors are waiting for important US inflation data for April with the producer price index to be released on May 14 and the consumer price index on May 15. 5. PPI is forecast to increase 0.3% over the previous month, compared to a 0.2% increase in the March report. CPI is forecast to increase 0.4%, unchanged from the March report. CPI Annual growth in April is forecast to increase by 3.6% compared to a 3.8% increase in the March report.
Recently, Fed officials have said that the Fed will loosen monetary policy if there is evidence that inflation declines sustainably. Therefore, this data is very important and is expected to have a great impact on the future direction of gold.
💥Technically
Gold retreated to around 2330 with support from EMA 89. Gold price rebounded from this area, showing that the main trend of the market is still uptrend. It can be said that gold is stuck within the trendline border in the h4 frame and is heading towards the lower trendline area. The support level of 2330 is still enough to push the gold price to 2360 or 2375 if it remains above the important technical area of 2330. If you break out of 2375, then Correctly determined according to the current market trend is that gold will touch the old peak of 2432 in June or September.
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Trade closed: target reached
Comment:
📌Gold prices surpassed $2,359 on Tuesday after data released by the U.S. Department of Labor revealed that factory inflation rose above estimates, signaling price gains remain. Even so, US Treasury bond yields are sliding, a headwind for the greenback.
📌CPI data can also help gold break resistance at 2375 and return to the expectations of many investors around 2400.