Gold prices struggled to capitalize on modest intraday gains and traded in a tight range during the first half of the Asian session on Tuesday. XAU/USD is now trading around $1950
The Federal Reserve (Fed) is hindering traders from placing positive directional bets around the Gold price. It should be recalled that the Fed signaled last week that borrowing costs may still need to rise as much as 50 basis points (bps) by the end of the year. That said, the upcoming weaker macro data from the US (US) has raised questions about how much headroom the Fed has for further rate hikes.
Looking at the chart, we can see that gold is still quite stuck to find a way out
The Federal Reserve (Fed) is hindering traders from placing positive directional bets around the Gold price. It should be recalled that the Fed signaled last week that borrowing costs may still need to rise as much as 50 basis points (bps) by the end of the year. That said, the upcoming weaker macro data from the US (US) has raised questions about how much headroom the Fed has for further rate hikes.
Looking at the chart, we can see that gold is still quite stuck to find a way out
Support level: 1,912.50 1,903.80 1,988.10
Resistance levels: 1,932.00 1,941.90 1,956.70