Gold prices in Asian trading on Wednesday dropped below the modest gains from the previous day, hovering around the $1,930-$1,931 range or weekly highs. The precious metal traded around $1,924-$1,923, a decrease of less than 0.10% for the day, as traders eagerly awaited the latest monetary policy meeting minutes from the Fed.
The Fed has indicated the need for a 50 basis point (bps) interest rate hike by the end of the year during its policy meeting on June 13-14. This raises questions about how much room the Fed has to continue tightening its monetary policy, given the upcoming macroeconomic data from the US.
Meanwhile, the acceptance of a 25 bps increase at the next FOMC policy meeting on July 25-26 still supports the rise in US Treasury bond yields and acts as a headwind for the USD.
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⭐️Make a trading plan: ✅Sell the $1,941-$1,938 range when the price hits the resistance area. ✖️Stoploss: $1,945.
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⭐️Make a trading plan: ✅Sell the $1,926-$1,923 range when the price hits the resistance area. ✖️Stoploss: $1,930.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!