Gold slightly increased, does it signal a sharp decrease?
Gold prices edged higher on Thursday after reacting positively to the Federal Reserve's rate hike in previous trading and a weaker dollar gave metals markets more leeway.
The dollar fell on Wednesday after the Fed hiked rates by an expected 25 basis points (bps) while softening its rhetoric about a possible US recession. But the central bank also left open the possibility of a rate hike in September, citing a strong labor market and relatively stable inflation.
Gold has shown some strength, holding on to the high $1,900 an ounce level as the central bank hints at a data-driven approach to future rate hikes.
However, yellow metals have remained within a narrow trading range for the past two weeks, struggling below $2,000 an ounce and likely portend further gains.
XAUUSD SELL 1979 - 1982
✅ TP1: 1970
✅ TP2: 1960
❌ SL: 1988
The dollar fell on Wednesday after the Fed hiked rates by an expected 25 basis points (bps) while softening its rhetoric about a possible US recession. But the central bank also left open the possibility of a rate hike in September, citing a strong labor market and relatively stable inflation.
Gold has shown some strength, holding on to the high $1,900 an ounce level as the central bank hints at a data-driven approach to future rate hikes.
However, yellow metals have remained within a narrow trading range for the past two weeks, struggling below $2,000 an ounce and likely portend further gains.
XAUUSD SELL 1979 - 1982
✅ TP1: 1970
✅ TP2: 1960
❌ SL: 1988
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Hit TP2 + 120 Pips ✅✅✅
