Precious metal prices edged higher after the latest report showed US consumer spending fell last month. Specifically, according to the country's commerce ministry, retail sales rose 0.2 percent in June, after being revised up 0.5 percent in May. Economists forecast a 0.4 percent increase. Core sales (which omit vehicle sales) also fell short of expectations, rising 0.2% last month versus a forecast of 0.4%.
This data raises expectations that the US Federal Reserve (Fed) will end the tightening cycle after the monetary policy decision next week. The market has determined the possibility that the Fed will decide to raise 25 basis points at next week's meeting. This is creating new impetus for the gold market as it assesses other key resistances. Some market analysts say this could be the start of a rally to $2,000 an ounce.
Besides, the factor that has a significant impact on gold prices is the dollar fluctuating near the lowest level in more than a year, after recording the worst week of 2023 last week. The dollar makes gold cheaper for foreign investors holding other currencies.
XAUUSD BUY LIMIT 1968 - 1970 💯💯
✅ TP1: 1975
✅ TP2: 1982
✅ TP3: 1990
🛑 SL: 1960
This data raises expectations that the US Federal Reserve (Fed) will end the tightening cycle after the monetary policy decision next week. The market has determined the possibility that the Fed will decide to raise 25 basis points at next week's meeting. This is creating new impetus for the gold market as it assesses other key resistances. Some market analysts say this could be the start of a rally to $2,000 an ounce.
Besides, the factor that has a significant impact on gold prices is the dollar fluctuating near the lowest level in more than a year, after recording the worst week of 2023 last week. The dollar makes gold cheaper for foreign investors holding other currencies.
XAUUSD BUY LIMIT 1968 - 1970 💯💯
✅ TP1: 1975
✅ TP2: 1982
✅ TP3: 1990
🛑 SL: 1960
