The U.S. August CPI (Consumer Price Index) was announced yesterday. It was a little higher than the forecast compared to the previous month, but overall close to expectations. Because of this, people believe it will not change the view that the Federal Reserve may cut interest rates at next week’s meeting. U.S. long-term interest rates went down. Gold reacted by going up, but because it was close to the weekend, many traders sold to take profits, so the price could not rise much.
Today, there is no big news, but with the ongoing geopolitical risks between Russia and NATO, the gold price is supported from falling too much. The strategy is still to buy when the price goes down.
Gold/Dollar Forecast Range: 3,590 – 3,645 USD
Note: This information does not guarantee profit. Please make your own decisions when trading.