Gold close to $ 1,800 after breaking the two-week range

The report on US inflation in September caused a break in the gold price range after two weeks of consolidation.

The breakthrough came after the US Consumer Price Index (CPI) rose 5.4% year-on-year from 5.3% expectations, heightening growing fears of rising price pressures. The price of gold rose by $ 40 with the publication of the CPI to reach four-week highs of $ 1796.

The upward movement of gold ended during the publication of the minutes of the FOMC meeting in September. The protocol revealed that Fed employees are ready to start reducing their incentives in November or December this year. In addition, the optimistic tone of the Wall Street indices contributed to the completion of the upward momentum of gold.

As a result of growth driven by the US consumer price index, the price of gold has adjusted slightly from monthly highs amid a new rise in government yields, while the dollar is falling against its main competitors.

Sentiment remains cautious amid growing fears of an earlier rise in Fed rates. Market participants are looking forward to a new batch of US economic data on new trading opportunities while the mood around the Fed will continue to have a key impact on the price of gold.

GOLD Chart:

Comment on the chart: From a technical point of view, gold goes to $ 1800 after breaking the range and upon reaching the psychological level many of the long positions may close and this will lead to a deeper correction.



Leave a Reply

Login to comment

* Rough, sarcastic and ironic language is not allowed. For such Admins Delete without notice.

Varchev Absolute Trader

борсова платформа

  • Търгувай над 3000 финансови инструмента: Crypto, Форекс, Акции, Индекси, Суровини, ETF-и
  • Използвай платформа с директно изпращане ордерите на борсите
  • Best Trading Platform - "Online Personal Wealth Awards" EU награждава Varchev Absolute Trader
  • Cloud base платформа - твоят трейдинг сетъп на всяко устройство
  • Traders Talk - чуй какво движи пазарите в реално време
  • Market Sentiment - търгувай с настроенията на инвестиционите банки
  • Top movers - най-горещите трейдове във всеки един момент
  • Stocks scanner - филтрирай най-подходящите за твоя трейдинг стил пазарни инструменти
  • Heat map - Търгувай в посоката на големите играчи

Read more:
If you think, we can improve that section,
please comment. Your oppinion is imortant for us.
WARNING: Any news, opinions, research, data or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. Varchev Finance Ltd. expressly disclaims any liability for any lost principal or profits which may arise directly or indirectly from the use of or reliance on such information. Varchev Finance Ltd. may provide information, quotes, references and links to or from other sites and blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the sites, blogs or other sources of information.
Varchev Finance