Gold price today: Turning to increase in price
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Hello dear friends! It seems that gold has shown some improvement today as it returns to a price of 1915 USD.
The resurgence in the price of gold is primarily due to better economic data from the United States. Specifically, the US Producer Price Index (PPI) reached 0.7% in August, surpassing the forecasted 0.4% by 0.3 percentage points. Retail sales in the US for August also reached 0.6%, higher than the projected 0.2% by 0.4 percentage points.
From a technical standpoint: after gold returned to its support level at 1905 USD, it regained momentum and traded steadily around this price range.
It is predicted that gold will experience a slight increase before further developments occur today
The resurgence in the price of gold is primarily due to better economic data from the United States. Specifically, the US Producer Price Index (PPI) reached 0.7% in August, surpassing the forecasted 0.4% by 0.3 percentage points. Retail sales in the US for August also reached 0.6%, higher than the projected 0.2% by 0.4 percentage points.
From a technical standpoint: after gold returned to its support level at 1905 USD, it regained momentum and traded steadily around this price range.
It is predicted that gold will experience a slight increase before further developments occur today
Note
good luck eveyoneNote
The US August producer price index increased by 0.7% compared to expectations of a 0.4% increase. Meanwhile, US retail sales in August increased 0.6% compared to market expectations of a 0.1% increase.Note
A strong USD and the possibility of rising interest rates continue to be two obstacles for gold in the near future.Note
According to market signals, the probability that the Fed will keep interest rates unchanged at the September meeting is 93%. However, the probability that the Fed will raise interest rates at its November meeting has reached nearly 50%.Note
Gold has risen to the resistance zone as indicated
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