Gold prices kept to a tight range on Tuesday, but appeared to have established a new support level amid persistent weakness in the dollar, while copper nursed sharp losses on concerns over major importer China.
The yellow metal traded close to one-month highs, tracking a slide in the dollar to 15-month lows after a series of soft U.S. inflation readings ramped up bets that the Federal Reserve was close to reaching peak interest rates for the year.
The yellow metal also appeared to have found a support level above $1,950 an ounce, keeping it well above lows hit earlier in the year, and within sight of a record high.
But gold prices stalled around these levels, awaiting fresh cues on the central bank ahead of a closely-watched Fed meeting next week. The prospect of rates staying higher for longer also limited the outlook for gold, as did signs of resilience in the U.S. economy.
Spot gold steadied at $1,955.32 an ounce, while gold futures rose 0.1% to $1,958.65 an ounce by 20:30 ET (00:30 GMT).
GOLD
SELL 1960 - 1962 💯💯
✅ TP1: 1957
✅ TP2: 1952
✅ TP3: 1948
🛑 SL: 1966
The yellow metal traded close to one-month highs, tracking a slide in the dollar to 15-month lows after a series of soft U.S. inflation readings ramped up bets that the Federal Reserve was close to reaching peak interest rates for the year.
The yellow metal also appeared to have found a support level above $1,950 an ounce, keeping it well above lows hit earlier in the year, and within sight of a record high.
But gold prices stalled around these levels, awaiting fresh cues on the central bank ahead of a closely-watched Fed meeting next week. The prospect of rates staying higher for longer also limited the outlook for gold, as did signs of resilience in the U.S. economy.
Spot gold steadied at $1,955.32 an ounce, while gold futures rose 0.1% to $1,958.65 an ounce by 20:30 ET (00:30 GMT).
GOLD
SELL 1960 - 1962 💯💯 ✅ TP1: 1957
✅ TP2: 1952
✅ TP3: 1948
🛑 SL: 1966
Comment:
Runing +30pips ✅✅
