Gold price yesterday drew a bearish candlestick with a lower low than the previous candlestick. After three days a bullish candlestick was formed on gold, yesterday the price decreased and formed a bearish candle.
It seems that gold's bullish sentiment is still stuck at the high of $2362. When the price of gold reached this price level it then fell again to a low of $2334, this was lower than the previous low of $2340.
This decline in gold prices may have been triggered by the US Dollar and bond yields rising as traders weigh bets on the Fed's interest rate cut for September.
For more fresh clues, investors will look to the US core PCE price index data on Friday.
The inflation measure chosen by the Fed is predicted to grow stably both monthly and annually, at 0.3% and 2.8% respectively. Data from CME FedWatch shows there is a decrease in investors' confidence in the chance that the central bank will cut interest rates from the previous 57.5% down to 46%, reflecting investor confidence that the FED will lower interest rates is starting to fade.
hawkish comments from Minneapolis Fed President Neel Kashari, who predicted there was a chance of an increase in the Fed's interest rate. High interest rates can hinder economic growth and could impact to gold
It seems that gold's bullish sentiment is still stuck at the high of $2362. When the price of gold reached this price level it then fell again to a low of $2334, this was lower than the previous low of $2340.
This decline in gold prices may have been triggered by the US Dollar and bond yields rising as traders weigh bets on the Fed's interest rate cut for September.
For more fresh clues, investors will look to the US core PCE price index data on Friday.
The inflation measure chosen by the Fed is predicted to grow stably both monthly and annually, at 0.3% and 2.8% respectively. Data from CME FedWatch shows there is a decrease in investors' confidence in the chance that the central bank will cut interest rates from the previous 57.5% down to 46%, reflecting investor confidence that the FED will lower interest rates is starting to fade.
hawkish comments from Minneapolis Fed President Neel Kashari, who predicted there was a chance of an increase in the Fed's interest rate. High interest rates can hinder economic growth and could impact to gold
