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© Reuters.
Written by Gina Lee
Investing.com – It was higher in Friday morning trading in Asia, but was on the verge of a second consecutive weekly decline. Investors are now waiting for the next step.
It was also up 0.25% to $ 1,756.72 at 12:50 am ET (4:50 GMT), and the yellow metal is down 0.5% so far for the week. The dollar, which generally moves in reverse with gold, fell on Friday but remained near a four-month high reached earlier in the week.
Technically, bulls in October gold futures settled in later this week after prices stubbornly plunged to their lowest level in more than four months on Monday. In contrast, short-term bears (sellers) always outperform.
The next goal for the bulls is to end the session near the resistance level of iron at $ 1,800 an ounce. As for the bears, they hope to push prices below the strong technical push at $ 1,676.40. We notice the first resistance at this week’s high at $ 1,763.00 and then at $ 1,775.00. First support is seen at Wednesday’s low at $ 1,724.30, followed by Tuesday’s low at $ 1,716.50.
The latest US economic data, released on Thursday, also shows it rose 1% month-on-month in July, the largest annual increase in more than a decade.
However, the previous day’s statement said inflationary pressures had peaked, increasing 0.3% m / m less than expected in July. This raised hopes that the Fed would not start reducing its assets or raising interest rates sooner than expected.
While Fed officials have expressed mixed views throughout the week on the timing of a tightening of monetary policy, investors remained concerned that inflationary pressures could push the Fed to press down. trigger.
Meanwhile, US data also reported that 375,000 claims were filed during the week, up from 387,000 claims in the previous week.
As for other precious metals, it rose 0.2%, while platinum was down 0.2% and fell 0.3% to 2,616.80.
Update
It was released a few moments ago and turned negative as it scored 70.2 points, a significant 81.2 point drop from the estimate, and it’s the worst result since 2011.
Well, if you’re worried about the recent drop, a change is coming:
In contrast, the University of Michigan’s 12-month inflation forecast stood at + 4.6%, while the five-year inflation forecast stood at + 3.0%.
Prices have now risen to $ 1,774.60 an ounce, a significant increase that manifested as a reaction to the negative data, which stood at 1.33%, as it recorded $ 1,775 per ounce, an increase of 1.32%.
As for prices, they recorded a sharp increase to $ 23.808, an increase of almost 3%.
In contrast, the US dollar index, which measures the strength of the world’s largest currency, fell against a basket of six foreign currencies, registering 92.72 at those times, down 0.33%.
Gold is not alone in the event of concern despite the rise, here is an analytical vision of the future of the safe haven:
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