2024-01-12 00:40:31

Gold Price, Nasdaq 100 at Risk of Larger Correction after Hot US CPI Data. Why?

NASDAQ 100, GOLD PRICE FORECAST:
Gold and the Nasdaq 100 present an unattractive risk-reward profile at this precise moment following recent U.S. economic data

With U.S. inflation running above the 2.0% target and the labor market showcasing exceptional resilience, Fed rhetoric could start shifting in a more hawkish direction in the near term

Fedspeak will be key in the near term

Gold prices and the Nasdaq 100 could be at risk of a larger downward correction following the latest set of consumer price and unemployment claims figures released on Thursday. This means that new all-time highs for the precious metal and the technology index may have to wait a bit longer.

For the reasons outlined before, the risk-reward profile for both gold and the Nasdaq 100 doesn’t look attractive at this precise moment. While the outlook could change with the introduction of new information, traders should exercise caution for now, avoiding blindly chasing suspicious rallies.

（Source:Dailyfx-Diego Colman）

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