XAU/USD Price Prediction: Tonight's Data Is Decisive

<p>&nbsp;The price of gold is seen to have reached its highest price so far for July 2023 recorded at the price level of 1963 in the European session today. The release of CPI data yesterday has had a sentiment effect on the Gold market. The market expects the FED to stop raising interest rates at the July 27, 2023 announcement and has caused the dollar index to shrink to the lowest level for 2023.</p><p><br /></p><p><br /></p><p>Investors are looking forward to the "Producer Price Index" (PPI) report and the labor market data "Initial Jobless Claims" tonight which can provide evidence and a stronger picture of the inflation situation in the United States. At the same time can expect the FED's follow-up action later.</p><p><br /></p><p>Investors' current price focus is at the level of $1962 – $1969. Any positive impact on the Dollar Index on tonight's data release, can push the price of gold down further from the price level above to the $1922 level. If the $1922 level does not hold, the price can reach up to $1900.</p>