Gold prices slipped slightly in the morning, but were sitting on strong gains from the prior session as softer-than-expected U.S. inflation data ramped up bets on a September interest rate cut. Gold blew past the closely-watched $2,400 an ounce level on Thursday and was less than $50 away from a record high, as it benefited from a sharp drop in the dollar. Gold was also set for a strong weekly performance. Consumer price index data released on Thursday read a touch lower than expected, driving up hopes that cooling inflation will give the Fed more confidence to begin cutting rates. The dollar and Treasury yields sank on this notion, benefiting metal markets. Traders were seen pricing in an over 82% chance for a 25 basis point cut in September, up from last week’s chances of about 64%.
Spot gold fell 0.3% to $2,408.52 an ounce, while gold futures expiring in August fell 0.3% to $2,413.75 an ounce
CURRENTLY GOLD IS MOVING ON UP TREND.
Expecting correction up to 2399.40
Today’s important levels for trading are 2382.62, 2403.55, 2436.55 and 2457.48
Trading Strategy for today: Buy On Dip
Trade setup:
Pullback Buy around 2401.50, Deeper Buy around 2492.50
Safe swing sell below 2387.50
Safe swing buy above 2417.50
Important Event :
🔴 Core PPI m/m
🔴 PPI m/m
🔴 Prelim UoM Consumer Sentiment
🟠 Prelim UoM Inflation Expectations