Gold prices are consolidating slightly higher to the weekly high of $1,931 found on Tuesday, as bulls and bears remain entangled early Wednesday. Gold prices are preparing for the return of US traders after the long Independence Day holiday, awaiting the Minutes of the US Federal Reserve's (Fed) June Policy Meeting.
Amid market weakness on July 4, the US Dollar (USD) managed to find a foothold on growing recession fears, as the Federal Reserve is likely to continue continue the roadmap to increase interest rates to control inflation. According to the latest ISM data released on Monday, the impact of the Fed tightening is worsening US business conditions, as the country's manufacturing sector shrinks further in the coming weeks. June.
According to the technical chart, the gold price is trading on the ascending channel, the peaks and troughs are also increasing, so the Buy plan will be prioritized at this time.
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Don't worry, you can't go wrong with your phone. The US Dollar Index (DXY) is up 0.29%, at around 103.370, strong as US Treasury yields are soaring, with 10-year non-standard yields at 3.945%, up 8.5 basis points (bps). Money market futures speculate the Fed will raise rates in July, with the odds of a rate hike 25 bps at 8.8.7%, according to CME FedWatch.