Gold rose today morning as an upward correction movement, where it may continue rising towards $1910.

1. 16
AUG
2023

2. 1870
Gold rose today morning as an upward correction movement, where it may continue
rising towards to $1910, which if breached would help gold retest resistance area at
$1920 then resume its soar towards $1935 on the intermediate term. Yet, a retreat
below $1910 could trigger a fall to support area at $1893 on the short term and $1850
level on the intermediate term.
Gold prices rose today morning after recording the lowest level in one month on
Tuesday following the release of strong U.S. retail sales data. Investors will keep their
eyes on FOMC meeting minutes due later in the day.
1893
1925
1910
1900
Gold corrects upwardly after hitting one-month low
225.55
206.61
197.36
169.17
Published Wednesday, August 16, 2023 at 12:56 PM (UAE time)

3. The dollar index retreated on Wednesday but
remained close to its highest level in 1-1/2-
month high, ahead of the release of Federal
Reserve meeting minutes later in the day.
Yesterday, the dollar got some support after
a better than forecast U.S. retail sales for July
that bolstered the case for more Fed
tightening, and as Minneapolis Fed President
Neel Kashkari warned that inflation was still
too high.
Dollar retreats ahead of Fed minutes, European shares fall
On the other hand, European shares dropped for a second straight session on worries
from China after data showing new home prices slipped for the first time this year,
thereby adding to concerns over the stuttering property sector. It is worth noting that the
Euro STOXX 600 index touched the lowest level since July 12 earlier in the session.
According to the latest data published by
the Office for National Statistics (ONS) on
Wednesday, the United Kingdom's
annual Consumer Price Index (CPI)
accelerated 6.8% in July, softening its
pace from a 7.9% increase registered in
June. The print was the lowest level since
February 2022 while meeting the market
forecast of a 6.8% rise.
UK CPI inflation falls to
lowest since Feb 2022
Crude oil gains after
hefty US inventories
draw
Oil prices bounced Wednesday after early
losses, as traders weighed concerns over
China’s weakening economy against a
bigger-than-expected draw in U.S.
inventories. Data from the American
Petroleum Institute showed that U.S. oil
stockpiles saw a much bigger-than-
expected 6.2 million barrel draw last
week.