XAUUSD

Following the consumer price index’s decline to 2.9% annually and increase of 0.2% monthly, expectations for a 25 basis point interest rate cut for September have increased. This has suppressed the price of the ounce of gold. Unemployment applications, retail sales and manufacturing data will be monitored during the day. The ounce of gold has risen above the area supported by indicators monitored in the short term. As long as pullbacks in the 2440-2450 area remain limited, the positive outlook may continue and increases towards the 2460 and 2470 levels may be seen. The 2470 level in particular should be monitored as an important resistance in terms of continuing positive expectations. Alternatively, if persistent pricing occurs below the 2440-2450 area, the ounce of gold may retreat to the 2431 and 2425 levels.