At the end of the trading week, world gold continued to be stuck in the neutral zone as it was torn between the "hawkish" monetary policy trend of the US Federal Reserve (Fed) and the risk of potential economic recession. continues to dominate the market.
While gold has some technical momentum, analysts say it does not have enough catalysts to overcome significant resistance at $1,980 an ounce.
Gold's direction will become clearer next week when the Fed announces its latest monetary policy decision and updated economic forecasts. The US Central Bank is not expected to raise interest rates next week. However, Fed Chairman Jerome Powell is expected to maintain a "hawkish" stance on monetary policy.
According to CME FedWatchTool, there is a 60% chance of interest rates remaining unchanged for the rest of the year. However, these market expectations are relatively volatile and can change quickly.
While gold has some technical momentum, analysts say it does not have enough catalysts to overcome significant resistance at $1,980 an ounce.
Gold's direction will become clearer next week when the Fed announces its latest monetary policy decision and updated economic forecasts. The US Central Bank is not expected to raise interest rates next week. However, Fed Chairman Jerome Powell is expected to maintain a "hawkish" stance on monetary policy.
According to CME FedWatchTool, there is a 60% chance of interest rates remaining unchanged for the rest of the year. However, these market expectations are relatively volatile and can change quickly.
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