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15 August 2024,02:22
Trade Of The Day
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15 August 2024, 02:22
* Gold Slide: Gold prices which trading against the greenback have declined as investors digest the latest U.S. inflation data. According to the Labor Department, July’s inflation figures were in line with predictions, with the headline Consumer Price Index (CPI) rising 0.2% month-over-month, leading to a 2.9% annual inflation rate. The core CPI, which excludes food and energy costs, also increased by 0.2% month-over-month, reflecting a 3.2% annual rate, matching forecasts. In reaction to this data, market expectations have shifted towards a smaller rate cut, with the CME FedWatch Tool now showing a 41% chance of a 50 basis point rate cut by the Federal Reserve in September, down from 50% before the CPI report.
* Technical Breakout: Gold price have traded lower following recent breakout below the level 2450.00. MACD which illustrate bearish momentum signal with the formation of death cross suggest the commodity to likely extend its losses.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards 2418.00. Conversely, a potential reversal is also to be expected and the price could head back towards 2482.00 after it breach back above the level 2450.00.
Looking ahead, investors will take more cues from US Retail Sales, weekly Initial Jobless Claims, the Philly Fed Manufacturing Index and Industrial Production, which are due later on Thursday.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US data, central bank updates and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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