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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Chart of the day - GOLD (14.09.2021)

08:31 14 September 2021

Gold took a hit last week and pulled back from the area marked with 38.2% retracement ($1,825 area) to 50% retracement of the upward move launched in March 2021 ($1,795 area). While declines were halted slightly below the aforementioned 50% retracement, bulls struggled to launch a recovery move and the precious metal traded sideways. Attempts to return back above the $1,800 mark were halted by the 50-session moving average (green line). In case we see a pullback from here, the next support to watch can be found at 61.8% retracement ($1,768). GOLD may become more active this afternoon near 1:30 pm BST as US CPI inflation reading for August will be released.

While the market expects a slight deceleration in headline and core gauge, it should be noted that previous 5 releases showed faster price growth than expected. Having said that, one cannot rule out that we will see a beat today as well. Another acceleration in price growth could be negative for gold price as it would put more pressure on the Fed to begin tightening its policy. 

Source: xStation5

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