Gold Price Outlook Turns to UofM Sentiment as US Dollar


Gold Price Outlook Turns to UofM Sentiment as US Dollar

.

Anti-fiat gold prices weakened during Thursdays North American trading session, extending the near-term downtrend since the beginning of this month. XAU/USD was likely pressured by a combination of a stronger US Dollar and rising longer-term Treasury yields. The 10-year rate closed at its highest since the beginning of this week.To get more news about btforex, you can visit wikifx.com official website.
  Stronger-than-expected US retail sales data was likely the key culprit, rising 0.7% m/m in August versus -0.7% anticipated. Excluding automotive and gas sales, transactions increased 2.0% versus 0.0% anticipated. The data likely continued fueling the Fed tapering timeline debate after mixed US jobs and CPI data. This comes ahead of next weeks FOMC monetary policy announcement.
  Over the remaining 24 hours, gold traders ought to keep an eye out for University of Michigan Sentiment data. Preliminary estimates for September point to a 72.0 outcome, which would be higher than the 70.3 result in August. Another rosy print could further push of bond yields and the US Dollar, placing the yellow metal at risk. Likewise, a softer result may offer some cushion to XAU/USD.
  Gold continues to trade lower in the aftermath of breaking under a bearish Rising Wedge chart formation. On the 4-hour chart below, the 50-period Simple Moving Average crossed under the 100 equivalent. That created a bearish ‘Death Cross’, underscoring the technical bias to the downside. Key support seems to be 1740, which is the August 12th low. In the event of a turn higher, the 1769 inflection point may act as resistance.

355 Puntos de vista