Gold today 22.08 Likely to recover
Updated
Strong U.S. inflation and labor market readings had severely dented gold prices in recent weeks, as markets began pricing in a greater possibility of higher interest rates. Powell is now expected to shed more light on the bank’s plans for rates, after the minutes of the Fed’s July meeting showed that most policymakers supported higher rates to curb sticky inflation.
The dollar and treasury yields advanced on expectations of higher rates, which in turn dented gold and other non-yielding assets. Rising interest rates had ramped up the opportunity cost of holding gold over the past year, leaving most traders sticking to the dollar as their preferred safe haven.
Copper flat as China rate cut disappoints But to determine clearly, it is necessary to monitor many more factors
⚡️ Sell
XAUUSD short 1897-1899 .⚠️ SL 1909. ✔️TP1: 1890 ✔️TP2 1885
What is your opinion? can let me know in the comment section, thanks.🌷
* Let's win the market together*
The dollar and treasury yields advanced on expectations of higher rates, which in turn dented gold and other non-yielding assets. Rising interest rates had ramped up the opportunity cost of holding gold over the past year, leaving most traders sticking to the dollar as their preferred safe haven.
Copper flat as China rate cut disappoints But to determine clearly, it is necessary to monitor many more factors
⚡️ Sell
XAUUSD short 1897-1899 .⚠️ SL 1909. ✔️TP1: 1890 ✔️TP2 1885What is your opinion? can let me know in the comment section, thanks.🌷
* Let's win the market together*
Note
⚡️Krado sees buying in the current price zone, but demand is limited as the technical indicators on the gold price chart are still tilted to the downside.⚡️Note
⚡️ Krado is right then congratulations everyone⚡️Trade closed: target reached
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