Gold price forecast: $XAUUSD keeps posting lower lows on a daily basis Read More!👉 Commodities Forex
Consumer Price Index. XAU/USD advanced throughout the first half of the day, as news that China further loosened travel restrictions boosted the mood, while speculative interest stood away from the US Dollar in anticipation of the inflation update.
Finally, the data came out, spurring risk appetite. According to the US Bureau of Labor Statistics , inflation rose 0.2% MoM in July, in line with the market, while advancing 3.2% from a year earlier, slightly below the 3.3% expected, although higher than the previous 3%. Additionally, the core annual reading printed at 4.7%, declining from 4.8% in June.
Former US Dollar strength came to play after the dust settled, with major rivals trimming their CPI-inspired gains. Also, optimism receded following comments from Federal Reserve Bank of San Francisco President Mary Daly, who said she supports not prematurely projecting Fed moves, repeating the well-known message that rate movements are data-dependant. Finally, she noted that CPI data came in “largely as expected” and that it does not say victory on inflation.
In the near term, and according to the 4-hour chart, bears retain the lead. XAU/USD briefly traded above a bearish 20 SMA but remains well below it, while the longer moving averages gain bearish traction above the shorter one. At the same time, technical indicators have turned lower within negative levels, anticipating another leg south, with a potential break through the $1,900 threshold.
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