Gold price trades cautiously ahead of US inflation data.
“Investors took a wait and see approach as US CPI looms.”
Gold price trades cautiously during Asian trading hours, hovering near one-month low as investors place their focus upon US consumer inflation data due later today. While the data is expected to show easing from last month, investors remain cautious over any surprises that would spark more rate hikes from the Federal Reserve.
Quick recap on XAUUSD
The bullion extend its losses as it fails to breach the resistance level of 1950 prior.
XAUUSD Weekly Technical Analysis
From weekly perspective, MACD shows diminished upward momentum which suggests further downside ahead.
XAUUSD Daily Technical Analysis
On the other hand, daily perspective shows diminished downward momentum which may suggests for a short-term upside recovery.
ORDER: SELL STOP
STOP LOSS: 1870
Target 1: 1830
Target 2: 1810
ZFX Analyst’s Comment
We still expects gold price to extend its losses in the mid-term, after undergoing retracement in the short-term.
Risk Warning: The above content is for reference only, and does not represent ZFX’s position. ZFX does not assume any form of loss caused by any trading operations carried out in accordance with this article. Please be firm in your thinking and do the corresponding risk control.
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