XAUUSD : Rises on Monday as the USD declines

Gold prices remain flat amid uncertainty over the highest interest rates for the year remaining, while September monetary policy is expected to remain unchanged amid supportive economic data. The world gold price on the Kitco trading floor is at $1,921, up 2.74 USD compared to the previous session.

The yellow metal remains lackluster despite some correction in the USD Index from a six-month high of 105.00. The USD index fell near 104.60 as deflation risks in China eased in August as nominal inflation pressures rebounded.

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There was a lot of volatility in the market today because tomorrow we have US Core Consumer Price Index, this instability lasts for several days so please be careful trade and manage your risks carefully

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Leading expert Nicholas Frappell at ABC Refinery said that rising CPI may put pressure on gold prices in the short term.

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The precious metal price could test the $1,905 support level, then potentially “break” below this level and drop to $1,898.

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🟢The European Central Bank raised its average inflation forecast for 2023 to 5.3% and through 2024 to 2.3%, while lowering it for 2025 to 1.2%.

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🕯 SELL GOLD | 1915 - 1917

🔴 SL: 1920

🟢 TP1: 1910
🟢 TP2: 1905