Gold (XAU/USD) prices struggle to extend the recovery from multi-month lows marked last week as traders await Federal Open Market Committee (FOMC) Minutes for the rally. June meeting. In addition to pre-event anxiety, concerns about a full-blown trade war between the US and China coupled with concerns about a global recession have boosted XAU/USD prices.
Metals sellers need to confirm Fed Chairman Jerome Powell's hawkish statements like "two more rate hikes in 2023" to regain control. To do so, they also need to break the key $1915 support.
It should be noted that the US market closed the previous day and thus lack of key catalysts, as well as waiting for a full market, also limited the moves of XAU/USD.
Metals sellers need to confirm Fed Chairman Jerome Powell's hawkish statements like "two more rate hikes in 2023" to regain control. To do so, they also need to break the key $1915 support.
It should be noted that the US market closed the previous day and thus lack of key catalysts, as well as waiting for a full market, also limited the moves of XAU/USD.
Comment:
The Fed has indicated the need to raise interest rates by 50 basis points (bps) before the end of the year at the end of its June 13-14 policy meeting. That said, upcoming macro data from the US ( US) has raised questions about how much space the Fed has to continue tightening its monetary policy. In fact, the US Bureau of Economic Analysis reported last Friday that inflationary pressures eased slightly in May as consumer spending slowed significantly.
Comment:
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.
Comment:
Wednesday's decline antagonized most of the recent rally, as the yellow metal struggled to rise from a three-month low in June.
Despite worsening economic conditions, investors have mostly turned to the dollar as a temporary safe-haven amid growing expectations that the Fed will continue to raise interest rates. the big ladder. Shows a tough outlook for the metals market.
It works with H1, same as EMA34. Display identify the definite trend
Despite worsening economic conditions, investors have mostly turned to the dollar as a temporary safe-haven amid growing expectations that the Fed will continue to raise interest rates. the big ladder. Shows a tough outlook for the metals market.
It works with H1, same as EMA34. Display identify the definite trend
