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12 December 2024,02:15
Trade Of The Day
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12 December 2024, 02:15
* US Disinflation: The price of gold has increased against the U.S dollar after key inflation figures were published in the United States. The US Bureau of Labor Statistics (BLS) indicated that the headline CPI increased by 0.3% month-over-month, which is a tenth above expectations yet consistent with forecasts. Core CPI held steady at 0.3% MoM, matching October and Wall Street forecasts. The anticipation that the Federal Reserve (Fed) will lower interest rates next week was reinforced as the disinflationary trend continues, though at a more gradual rate. According to the data, the swaps market estimated a 92% likelihood that the Federal Reserve will reduce interest rates by 25 basis points (bps). This would reduce the Fed funds rate to 4.25%-4.50% at the meeting on December 17-18.
* Technical Breakout: Gold price was traded higher following prior breakout above the resistance level 2707.00. MACD which illustrate persistent bullish bias signal suggest the commodity to likely further extend its gains.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 2792.00. Conversely, a potential reversal is also to be expected and the price could head back towards 2620.00 after it breach back below the level 2707.00.
Looking ahead, investors’ focus will shift to the release of the Producer Price Index (PPI) and Initial Jobless Claims numbers for the week ending December 7 since the CPI figures are in the rearview mirror.
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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