Michel Salibi.
Senior Financial Markets Analyst at FxPro.
It is heading to record weekly gains amounting to 2.56%, with increasing market bets on the Federal Reserve reaching the end of the monetary tightening cycle, especially with the slowdown in the index and indicator in the United States of America.
The consumer price index fell more than expected this week from 3.9% to 3.2%, and the producer price index also fell significantly, which negatively affected the American performance, which also fell this week by about 1.30%, also affected by statements by members of the US Federal Reserve, coinciding with a decline in yields. .
Prices are currently benefiting from geopolitical factors on the one hand, as it is a safe haven, and from the basic drivers in the market on the other hand, especially with regard to the direction of the Federal Reserve, which closely monitors economic data, especially the inflation index, which is approaching the Federal Reserve’s desired target of 2%.
From a technical perspective, prices broke the important resistance level at the 1,972 area, corresponding to the 20-day moving average in addition to the 61.8% Fibonacci line. From the upside, it appears that the $2,009 border, which is the peak recorded by the yellow metal on October 27, in addition to the upper side of the ascending price channel of the daily Bollinger Band line, will constitute a potential and important resistance area. On the other hand, the Relative Strength Index (RSI) indicates that gold prices have not yet reached the overbought zone.
2023-11-17 09:19:00
#Gold #prices #regain #initiative #inflation #data #Investing.com
