FOMC: driving force to help Gold prices increase!
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GOLDEN INFORMATION: In Wednesday's Asian trading session, the price of gold (XAU/USD) experienced a slight decrease and moved away from its two-week high of around $2,048-$2,049 reached the previous day. This decline is attributed to investors adjusting their expectations regarding the pace and extent of interest rate cuts by the Federal Reserve due to strong economic data from the United States.
As a result, the US Dollar (USD) remains strong, reaching its highest level since December 13 earlier this week, putting pressure on the value of gold. However, the recent decline in US Treasury bond yields may hinder strong betting on the USD by investors. This, along with concerns about geopolitical risks arising from tensions in the Middle East, could continue to support the demand for gold as a safe haven asset.
Investors may also choose to be cautious and wait for the highly anticipated monetary policy meeting of the Federal Open Market Committee (FOMC) before taking any significant actions related to gold, which currently lacks yield.
Personal opinion: The price chart according to technical analysis is supporting the Uptrend, the H1 frame is trading above the stable EMA, economic experts at today's FOMC meeting also support keeping or reducing interest rates and support gold's rise.
As a result, the US Dollar (USD) remains strong, reaching its highest level since December 13 earlier this week, putting pressure on the value of gold. However, the recent decline in US Treasury bond yields may hinder strong betting on the USD by investors. This, along with concerns about geopolitical risks arising from tensions in the Middle East, could continue to support the demand for gold as a safe haven asset.
Investors may also choose to be cautious and wait for the highly anticipated monetary policy meeting of the Federal Open Market Committee (FOMC) before taking any significant actions related to gold, which currently lacks yield.
Personal opinion: The price chart according to technical analysis is supporting the Uptrend, the H1 frame is trading above the stable EMA, economic experts at today's FOMC meeting also support keeping or reducing interest rates and support gold's rise.
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