Gold Price Forecast: XAU/USD bears aim for $1,660 amid sluggish DXY ahead of US Retail Sales – by anilpanchal7 Gold XAUUSD Fed RetailSales RiskAppetite
, US Producer Price Index declined to 8.7% YoY in August from 9.8% in July, versus 8.8% market forecasts. Details suggest that the PPI ex Food & Energy, better known as Core PPI, also eased to 7.3% YoY from 7.6% but surpassed the market expectation of 7.1%.
Moving on, ECB policymaker Robert Holzmann has stated that the central bank's rates will be higher in a year but hikes will be data-dependent. Before that, ECB’s Constantinos Herodotou said, “ECB’s latest decision to hike the key rates does not mean there has been a forgone conclusion on the final level of interest rate.
Looking forward, the US Retail Sales for August, expected to remain unchanged at 0.0%, will be important to watch for clear intraday directions. Also important will be the market bets on the Fed’s next moves, especially after the recently mixed inflation data. It should be noted that the firmer US data may help the XAU/USD bears to keep reins.
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