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 if you don't hold it you don't own it if you have wealth in those Fiat money products you own risk you're watching silver News Daily like And subscribe for daily analysis and news low price bears are in control at the lowest level in a month despite the mid Thursday's corrective bounce as markets await more clues of the U.S inflation data on early Friday that said the xau slash USD initially bounced off a one-month low after the United States inflation data flash mixed signals in

the Federal Reserve officials cheered the victory against inflation however a jump in the U.S treasury bond yield and looming China concerns favored the US Dollar's recovery and drowned the gold price afterward gold price bears are in control at the lowest level in a month despite the mid Thursday's corrective bounce as markets await more clues of the U.S inflation data on early Friday that said the xau slash USD initially bounced off a one-month low after the United States inflation data flashed

mixed signals in the Federal Reserve officials cheered the victory against inflation however a jump in the U.S treasury bond yield and looming China concerns favored the U.S Dollar's recovery and drowned the gold price afterward gold price stays bearish despite U.S CPI induced bounce gold price drops to the lowest level since early July following an initial attempt to push back the bearish bias after the United States inflation data printed mixed signals and the Federal Reserve fed officials were in a rush to

cheer the victory against price pressure however robust U.S treasury bond yields and fears emanating from China exert downside pressure on the xau slash USD price U.S consumer price index for July Mass Market forecast to reprint 0.2 percent mob figures however the yearly CPI improved slower than expected 3.3 percent to 3.2 percent joy for the said month versus three percent previous readings marking the first acceleration and the annual rate in 13 months furthermore the CPI X food and energy also known as the core CPI also flashed

an unchanged 0.2 percent mob figures while meeting Market consensus but east of 4.7 percent Joy compared to 4.8 percent marked in June and the expected numbers elsewhere the U.S initial jobless claims Rose to 248k for the week ended on August 0-4 versus 230k expected and 227k prior while continuing jobless claims softened to 1.684 M from 1.692 m versus 1.71 in Market forecasts the U.S statistics helped Philadelphia Federal Reserve Bank president Patrick Harker to toast the fed's progress in

its fight against inflation and was joined by Boston Federal Reserve president Susan Collins and Atlanta Federal Reserve Bank president Rafael Bostic to cheer the softer uscpi however San Francisco fed president Daley turned down the cheers for their Victory while saying there's still more work to do although the United States data and the FED talks fueled the Market's bets on the federal reserves in action for September the Traders were still concerned about the higher for longer rates in the U.S as well as the

geopolitical fears which in turn favored the yields and the U.S dollar while Weighing on the gold price afterward it's worth noting that growing fears that the UK and European Union will also follow the U.S in limiting investment in China technology companies seem to have challenged the Market's geopolitical concerns further the Chatters about slower economic growth in top tier economies and recession woes in China Germany and the UK pushed back the gold buyers as well that said the U.S dollar Index marked a

positive daily closing around 102.62 after initially declining to the one-week low whereas the U.S 10-year treasury bond yields jumped the most in a week to 4.1 percent at the latest even so Wall Street managed to end the day positively despite trimming gains by the day's end more clues of U.S inflation eye for Clear xau USD guide while the aforementioned Catalyst will likely keep exerting downside pressure on the gold price Traders will be more concerned with additional clues for the U.S inflation to confirm the fed's victory

against inflation and activate the xau slash USD rebound as a result the U.S producer price index for July will proceed the first readings of the University of Michigan's consumer sentiment index for August to direct intraday gold price moves also important will be the um five-year consumer inflation expectations for the set month above all the Central Bank updates in China news will be crucial to determine the pair's further Direction gold price technical analysis gold price justifies the downside break of the

previous support line stretched from late November 2023 at a five-week low adding Credence to the downside bias are the bearish signals from the moving average convergence and Divergence indicator however the relative strength index line placed at 14 remains below the 50.0 level and suggests bottom picking of the xau slash USD with this the convergence of the 200 dma and 50 Fibonacci retracement of November 2022 to May 2023 upside near the 1 900 round figure by the Press time becomes a tough nut to crack for the gold sellers

in the case where the xau slash UST remains bearish past one thousand nine hundred dollars June's low of 1893 dollars will act as the final defense of the buyers before directing the bullion toward the 61.8 percent fitment XU retracement also known as the golden Fibonacci ratio of around 1 857 dollars on the contrary the support turned resistance line stretched from late 2022 close to 1940 closely followed by the 50 dma level of around 1943 dollars guards the gold price recovery following that a three-month-old falling

resistance line surrounding 1955 dollars and multiple tops marched since late May near 1985 dollars we'll test the xau slash USD upside overall gold price is likely to remain bearish despite the latest corrective bounce on Friday the xag UST saw mild losses and will post its fourth consecutive weekly loss having lost more than seven percent since mid-july at the end of the week the U.S reported Hop producer price index data in positive University of Michigan sentiment and inflation expectations

which fueled a rise in U.S bond yields after the release of key inflation data throughout the week American rates are rising the 10-year bond yield reached 4.16 percent up by 1.34 percent the two-year yield stands at 4.89 percent with a one percent increase while the five-year yield is at 4.3 percent with 1.75 percent gains it's worth noting that American yields tend to be negatively correlated with non-yielding precious metals so they may limit the xag usd's upside for the rest of the session

overall inflation saw this week the headline and core Consumer Price Index coming lower than expected in July while the PPI Rose to 2.4 percent higher than expectations the pace for the metal and bond markets in the next session will be determined by the Market's assessments of the economic situation in the U.S and how it will affect the next Federal Reserve decisions as for now the stronger case is that more hikes will be seen in this tightening cycle but as Jerome Powell stated it will all depend on the

incoming data the technical analysis of the daily chart points to a neutral to a bearish outlook for xag USD indicating the potential for further bearish movement the relative strength index displays a flat slope below the 50 middle points while the moving average convergence lays out weaker red bars furthermore the pair is below the twenty thousand one hundred and two hundred day simple moving averages highlighting the continued dominance of bears on the broader scale requiring the buyers to take action

Traders should either 20 and 100 day averages as they are about to perform a bearish cross which could exacerbate the downside in the near term and with that we've come to the end of the video I'd like to thank you all for watching and also remind you that this is news and entertainment and should never be used as investment advice please talk to a professional before making any financial decisions thank you