XAUUSD
For ounce gold, core inflation seems in line with expectations, but the details are not so supportive. Most of the increase in inflation comes from the services sector. This indicates that inflation will not fall immediately. There will be no new interest rate hike from the FED, but we do not think we will see Powell rushing to give a rate cut signal. We are following the 2003-2010 area, which is currently supported by the 34-period exponential moving average (2012). As the precious metal moves in the 2003 area and below, a pullback trend may be at the forefront. We are waiting for the 2020 test after the Fed's fixed message from the interest rate decision. Support: 1977-1969 Resistance: 2003-2012