My trading journey with FXOpen

[radex78]

Gold prices soared on Monday even though there was no high-impact news release, the rise in gold may be due to increasing Chinese demand and global geopolitical risks, the expectation that the Fed will cut interest rates is also an attraction for gold as a safe-haven asset. Today we are waiting for US PPI data.

 

[radex78]

Today we are waiting for US inflation data, CPI which is expected to rise 0.2% from the previous 0.1%. Gold has not shown a breakout or reversal direction.

 

[radex78]

Gold fell because US CPI data supported dollar strengthening. Today we are waiting for news on retail sales data and unemployment claims which may have an impact on gold prices. Retail sales forecast rose 0.4% from the previous 0.0%, and unemployment claims forecast rose 136k from the previous 233k.

 

[radex78]

US retail sales data and US unemployment claims released yesterday were good for the USD, gold prices fell after the news release but only temporarily. Today's high-impact UK retail sales economic data may affect GBP. Other news RBA Gov Bullock Speaks and RBNZ Gov Orr Speaks. EURUSD is flat, there is a Bollinger band squeeze waiting for a breakout.

 

[radex78]

The price of gold soared to reach a new all-time high, but the price has entered the overbought zone on H4 referring to the RSI indicator, even though the price may rise but is still waiting for a reversal.

 

[radex78]

Gold consolidated in the market Monday pulled back, and rose again above $2500. The potential for the Fed to cut interest rates in September increases optimism about buying gold as a safe-haven asset. Silver also has similar price metrics, but there is a difference that yesterday it fell further than gold.

 

[radex78]

After hitting the pending order the price of Silver rose to a high of 29,959, but the price turned down again to a low of 29,277. Cut profits while the rally appears to be fading. No high-impact news will be released today, but FOMC member speeches may give dovish or hawkish signals.

 

[radex78]

After the gold price rose cutting profit, gold fell again which may be due to profit-taking. Today the market may respond to the FOMC meeting minutes, which may provide a dovish signal as is the possibility of the Fed cutting interest rates in September. Besides other news US Manufacturing PMI and Service PMI.

 

[radex78]

US PMI data is mixed, manufacturing PMI is lower than expected, on the other hand, services PMI shows data that is higher than expected, yesterday gold fell to $2470. Another precious metal, Silver, was also corrected at 28,774. However, the possibility of the Fed cutting interest rates is still high.

 

[radex78]

Today there is no high-impact news, only medium impact news US durable goods data, gold prices have risen again, on the other hand, USDCAD extended its decline at the end of last week due to Powell's dovish statement.