The gold market remained stable with June future prices on Comex increasing to $1,965, despite a 0.48% decrease in the day after the FOMC meeting minutes were released. This indicates a split among central bank officials about whether to increase interest rates or not.
In May, Fed increased interest rates for the 10th consecutive time, bringing the federal funds rate to 5-5.25%, the highest since mid-2007. The next monetary policy meeting is scheduled for June 13-14. Powell noted that future interest rate decisions will be based on upcoming data and credit conditions.
The markets predict a 73% chance of a pause in interest rates and 27% chance of a 25 basis point increase in the June meeting, according to CME FedWatchTool.
If gold breaks support, we should see fresh price light around 193x today.
⭐️Make a trading plan:
✅Buy order in the $1,934-$1,937 price zone when the support zone is approached.
✖️Stoploss: $1,930.
✅Sell the $1,968-$1,971 range when the price hits the resistance area.
✖️Stoploss: $1,976.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!
In May, Fed increased interest rates for the 10th consecutive time, bringing the federal funds rate to 5-5.25%, the highest since mid-2007. The next monetary policy meeting is scheduled for June 13-14. Powell noted that future interest rate decisions will be based on upcoming data and credit conditions.
The markets predict a 73% chance of a pause in interest rates and 27% chance of a 25 basis point increase in the June meeting, according to CME FedWatchTool.
If gold breaks support, we should see fresh price light around 193x today.
⭐️Make a trading plan:
✅Buy order in the $1,934-$1,937 price zone when the support zone is approached.
✖️Stoploss: $1,930.
✅Sell the $1,968-$1,971 range when the price hits the resistance area.
✖️Stoploss: $1,976.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!
