Gold price looks vulnerable ahead of US Retail Sales – by Sagar_Dua24 Gold XAUUSD Fed Inflation SEO
ns under pressure as consumer and producer inflation grew modestly in July but failed to uplift chances of further policy tightening by the Federal Reserve .
The US Dollar Index refreshes its five-week high around 103.00 as the market mood remains cautious after US equities turned expensive. Despite the rebound, US consumer inflation grew at a slower-than-expected pace as higher rentals were offset by a decline in the cost of second-hand automobiles. Consumer inflation expectations for the next five years softened to 2.9% in August, less than expectations and the former forecast of 3.0% as the central bank is expected to keep interest rates elevated for a longer period, according to data from the University of Michigan Consumer Sentiment survey.
After the Fed’s inflation data, investors shift their focus towards the US Retail Sales data for July. Retail sales are seen expanding by 0.4% in July, accelerating from the 0.2% increase recorded for June. A similar performance is expected for retail sales excluding autos.Gold price declines consistently and is expected to test the round-level support of $1,900.00. The precious metal falls sharply as the 20- and 50-day Exponential Moving Averages delivered a bearish crossover.
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