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Inflation Cools, Gold Heats UpIn June, the United States inflation fell to 3%, which is the lowest since March 2021. This was slightly below the market's expectations of 3.1% and a significant decline from May's rate of 4%. Additionally, the core inflation rate unexpectedly dropped to 4.8%, marking its lowest level since October 2021. The implication of this deceleration is that it could prompt the Federal Reserve to scale back its plans for interest rate hikes. With inflation showing signs of cooling, the central bank may now be inclined to raise rates only once more throughout the remainder of the year. In the wake of the inflation report gold prices shot up, soaring by more than 1.3%. The metal breached the $1,940 resistance level but fell just short of clearing the $1,960 overhead barrier. If further upward momentum materializes, it could pave the way for a potential retest of $1,975 and $1,980. At the same time, the US dollar faced a steep decline, sinking to its lowest point in over 14 months. Against the Swiss franc, it tumbled to depths not witnessed since early 2015, settling at 0.8673 francs, down 1.4%. Earlier in the session, it even touched 0.8660, marking its weakest position since the Swiss National Bank abandoned the Swiss currency peg back in January 2015. Against the Japanese yen, the dollar hits a six-week low of 138.47 yen, witnessing a 1.4% decline. Additionally, the US dollar weakens by more than 1.5% against the New Zealand and Australian dollars. Conversely, the euro surges to its highest level since March last year, reaching $1.1125. The Euro trades up 1.2% at $1.113.
BLACKBULL:XAUUSD
by BlackBull_Markets
GOLD XAUUSD SHORT DUE TO RISING OIL PRICEDear Ziilllaatraders, Production Costs: Oil is a key input in many industries, particularly transportation, manufacturing, and energy production. When oil prices rise, the cost of raw materials, transportation, and energy used in the production process also increases. These increased costs are often passed on to consumers through higher prices for goods and services. This is known as cost-push inflation, where the increase in production costs leads to higher prices for final products. Transportation Costs: Higher oil prices directly affect transportation costs, including fuel costs for shipping goods. As the cost of transporting goods increases, businesses may pass on these additional expenses to consumers through higher prices. This can lead to an overall increase in the prices of various goods and services in the economy. Inflation Expectations: Expectations of future price increases can play a significant role in driving inflation. When oil prices rise, it can create a perception that overall prices will continue to increase. This can lead to higher inflation expectations among consumers, businesses, and investors. In turn, these expectations can influence wage negotiations and pricing decisions, contributing to a self-perpetuating cycle of inflationary pressures. Thats why I think on 12 July inflation is going to get higher due to the measurements to calculate inflation. This will cause the FED to tighten policy and raise interest rates which will in turn again increase the value of the dollar as explained in my last post. What do you guys think? Make sure to share your opinion and idea? Greetings, Ziilllaatrades
FOREXCOM:XAUUSDShort
by ZILATRADES
XAUUSD Bias: Short; Timeframe: DailyHello there, we may see a sell continuation today in the gold market as the price is currently lingering between 61.8 and 50 percent of Fibonacci levels in the downtrend market. Also, a nice bearish engulfing candle that completely swallowed the previous bar has been printed on the chart, showing us that the bears are in control. Market condition: Bearish Order Type: Market Stop loss: Place it above the bearish engulfing candle=1940.745 or 1935:313, depending on your lot size. Profit Target: First: 1907.931 Second: 1894.313 Third: 1829.365--Don't be greedy. Happy trading
OANDA:XAUUSDShort
by OraclePips
GOLD (XAUUSD): Ahead of FOMC 🥇 Traders, don't forget that we are expecting FOMC during the middle of the NY session. Here is my technical outlook for Gold and potential scenarios. Bullish Outlook Trading in a bearish trend, the market is currently testing a wide horizontal supply zone. 1925 - 1940 are its exact boundaries. I will be bullish on Gold if the price breaks and closes above that entire area on a daily. A bullish continuation will be expected to 1957 then Bearish Outlook Analyzing 4H time frame, I spotted inside bar formation 1919.5 - 1920.0 is its lower boundary. If the price breaks and closes below that on 4H, I will expect a bearish continuation to 1911. Wait for a breakout and follow the market then. ❤️Please, support my work with like, thank you!❤️
OANDA:XAUUSDShort
by VasilyTrader
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