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XAU USD News Points Today :
- XAU USD today is taking offers to consolidate the largest daily loss in the past week.
- Hawkish Fed challenges XAU/USD buyers despite US Dollar weakness
- US November CPI expected to be soft despite stronger core CPI signals, gold buyers challenged.
The New York Fed’s short-term inflation outlook contrasts with the upbeat 5-10-year inflation expectations reported by the St. Louis Fed. According to the data, the latest prints of 5-10-year inflation expectations showed a rebound of 2.28% and 2.35%, respectively. On the other hand, optimism surrounding China’s gradual lifting of its Zero-Covid policy also helped gold buyers against the USD. Reportedly, the Shanghai city government will announce that it will deem all areas “no Covid risk” starting Tuesday. Earlier on Monday, Chinese officials will take an app used to track virus cases offline later this week. Chinese Foreign Ministry Spokesperson Wang Wenbin expressed displeasure over the US sanctions imposed on two of their diplomats on Monday. According to him, the illegal sanctions are seriously affecting the relationship between China and the US. On the Russian side, Russian President Vladimir Putin’s refusal to supply oil to countries that respect the price caps led by Europe also raised market fears and put downward pressure on the XAU USD price today and the previous days. The 2-year and 10-year US Treasury yields posted their first daily decline in four years to 3.59% and 4.36%. The S&P 500 Futures posted a smaller decline near 4,020 despite Wall Street’s gains on Monday. It is worth noting that oil prices are recovering and the DXY is actually weakening, but traders remain cautious overall. Going forward, gold traders will continue to pay attention to US inflation data as market forecasts for November’s CPI are lower at 7.3% YoY compared to the previous reading of 7.7%. The monthly CPI may drop by 0.3% compared to the previous reading of 0.4%. It is worth noting that the CPI ex Food & Energy seems to be the key and is expected to be unchanged at 0.3% MoM. This could certainly please DXY buyers and weigh on XAUUSD prices if there is a higher rise.Weekly Market Analysis: July 26 – 30, 2021 – Greenback Strengthens
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Technical Analysis
Gold prices struggled to attract buyers after a bearish chart pattern. Thus, gold plummeted to a weekly low after experiencing the biggest drop on December 05. However, the convergence of the 10-day DMA and the previous support line around $1,788 challenged the XAU/USD bulls. Even if the bullion price manages to cross $1,788 and the August-early December horizontal line peak, it could limit the precious metal’s further upside. Alternatively, the late November swing high near $1,763 and October’s $1,730 could attract gold sellers during the anticipated decline towards $1,690. It is worth noting that the bearish MACD signal and the stable RSI (14) also made gold traders very hopeful. Above is the daily information regarding XAU USD today. Continue to update the latest information through the GIC journal which will be announced every day. You can also trade on the GICTrade application with its latest feature, an ECN account, enjoy the advantages of the latest features with the lowest spread starting from just 0 Rupiah! Also follow the GIC Gebyar Hadiah and get attractive prizes in it from GIC worth billions of Rupiah without a draw!
