GOLD : Stuck in a downtrend

On the world market, gold price reached $1,909, down $12. Investors are awaiting US inflation data, which could provide an update on the Federal Reserve's interest rate decision in the near future.

Although inflation is expected to decline for a while, it may not decline quickly. This causes the Fed to keep interest rates unchanged longer. Continued core inflation will put gold under pressure. Rising CPI may put pressure on gold prices in the short term.

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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