Unemployment data is eyed to determine the direction and move the markets. (2024/09/12)#forex

Introduction

Welcome back to our channel! Yesterday, we shared only one free signal due to the unpredictable market conditions and the release of the Consumer Price Index (CPI) data. However, our team managed to achieve significant profits, which we shared with our followers on our Telegram channel.

Yesterday, the price of gold experienced a drop as the strength of the dollar and treasury yields increased. This shift followed the release of US inflation data, which led investors to anticipate a small rate cut from the Federal Reserve in the upcoming week.

Today's High-Impact News for USD

Today marks a day filled with important updates regarding the US dollar. We have a few high-impact news items to monitor, including:

Core CPI (month-on-month)
PPI (month-on-month)
Unemployment Claims

Among these, the first high-impact news is the CPI. If the reading comes in higher than expected, it would be bullish for the USD, signaling a potential selling opportunity.

For the second and third high-impact news events—PPI and unemployment claims—it's crucial to review both the previous data and the forecasts. We need to stay updated on the actual data releases, which could influence market movements. We encourage you to stay connected with us for accurate updates on our Telegram channel.

Technical Analysis

From a technical standpoint, the price is currently ranging within a specific zone. We expect a notable retracement before a potential new all-time high emerges. If the price breaks the 2499 level, we could anticipate a drop to the support levels of 2491.70 and 49. These levels are currently acting as solid support areas, so it's advisable to mark them on your charts for monitoring purposes.

Additionally, if the price breaks through the 2015-23 to 28 area, there’s a chance it may create a new all-time high. Therefore, we urge you to keep a close watch on these levels today.

The news today is also crucial. If the buying pressure for gold outweighs that of the sellers, we can set our first target in the price range of 2540 to 2565.

On another note, we have exciting news! We're now offering a wider array of services for you. Please feel free to contact us for more information.

Thank you for tuning in. I will be back tomorrow with another video!

Keywords

Unemployment Claims
Core CPI
PPI
Gold Price
Dollar Strength
Federal Reserve
Technical Analysis
Support Levels
Market Conditions
Telegram Channel

FAQ

1. Why did the gold price drop recently?
The gold price fell due to a strengthening dollar and treasury yields, influenced by US inflation data that hinted at a potential small rate cut by the Federal Reserve.

2. What are the key news items to watch for today?
Today's important updates include the Core CPI, PPI, and Unemployment Claims, all of which can significantly impact the USD and overall market direction.

3. How can I monitor the support levels in technical analysis?
You can mark the price levels of 2491.70 and 49 on your charts, which are acting as solid support areas, and monitor them closely for any breaks or potential reversals.

4. What is the target price range for gold if buyers dominate?
If buyers are stronger than sellers, the first target for gold could be in the price range of 2540 to 2565.

5. How can I get updated information and trading signals?
You can stay connected with us for regular updates and accurate trading signals by joining our Telegram channel.