Technical analysis by FOREX-FLOWS-GROWL about Symbol PAXG: Sell recommendation (11/15/2023)

Gold benefits when USD and Treasury bond yields fall The world gold market benefits when the USD and treasury bond yields fall. Yesterday, the market received information about US inflation data, which more or less affected gold prices. Specifically, the US consumer price index remained unchanged in October and core inflation showed signs of slowing down. CPI increased by 3.2% compared to the same period last year. This level in September was 3.7%. According to the CME FedWatch tool, after the inflation report was released, the market predicted a 100% chance that the US Central Bank would keep interest rates unchanged in December compared to 86% before the inflation report. Weaker-than-expected US consumer inflation data caused the USD and Treasury bond yields to fall, thereby helping gold prices recover. CPI data was significantly weaker than expected, which was quite supportive for precious metals. Expect data to deteriorate significantly in the fourth quarter, which will weaken the USD and support gold. In the next six months, gold prices will increase to 2,100 USD/ounce.