XAUUSD → Continued to decline due to the Fed's tough tone
World gold price stood at 1,923 USD/ounce, down slightly by 3 USD/ounce compared to the same hour yesterday morning. Gold prices fluctuated and continued to decline due to the Fed's tougher tone than previously expected. Before this Fed meeting, the precious metals market had priced in a softer stance from the Fed. Both the USD exchange rate and US Treasury bond yields increased after the Fed meeting, also creating additional downward pressure on gold prices.
In the short term, it is estimated that the USD may continue to increase or stabilize at a high level because the Fed is expected to raise interest rates one more time to push up inflation, which is still quite high compared to the target of 2%. Therefore, world gold prices are still under downward pressure. However, demand for gold has recently increased and may increase further in the upcoming peak gold consumption season - year-end in the West and Lunar New Year in some Asian countries, including China.
In the short term, it is estimated that the USD may continue to increase or stabilize at a high level because the Fed is expected to raise interest rates one more time to push up inflation, which is still quite high compared to the target of 2%. Therefore, world gold prices are still under downward pressure. However, demand for gold has recently increased and may increase further in the upcoming peak gold consumption season - year-end in the West and Lunar New Year in some Asian countries, including China.
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The fact that gold maintains a solid support level above 1,900 USD/ounce amid surrounding difficulties is a good sign that the market is ready for a new uptrend when the trend reverses.
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🕯 SELL GOLD | 1934 - 1931
🔴 SL: 1939
🟢 TP1: 1926
🟢 TP2: 1921
🔴 SL: 1939
🟢 TP1: 1926
🟢 TP2: 1921
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Gold is doing very well, despite Mr. Powell's hawkish views. The risks that the economy will break down are rising and eventually bad news for the economy will boost safe-haven flows to gold.
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Kitco News' latest weekly Gold Survey finds market analysts divided between bullish and neutral, while retail investors expect a breakout to the upside or downside from the close trading range This.
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For nearly a month, gold has fluctuated back and forth between $1,900/ounce and $1,950/ounce. This range should remain in place for at least a few more weeks.
