The United States Dollar (USD) has entered a phase of bullish consolidation near a six-month high against its main competitors, supported by the latest rally in the US Treasury bond yields and broad risk aversion.
Traders are risk averse, as a typical caution prevails ahead of the Fed policy announcement and Chairman Jerome Powell’s press conference. All eyes also stay focused on the Fed’s updated economic projections, the so-called ‘Dot Plot’ chart, which will be key to gauge whether one more rate hike remains in the offing. In light of these events, traders refrain from placing fresh bets on the US Dollar, leaving Gold price gyrating in a familiar range.
SELL GOLD zone 1950 - 1952
Stoploss: 1955
Take Profit: 1945
Take Profit: 1940
Traders are risk averse, as a typical caution prevails ahead of the Fed policy announcement and Chairman Jerome Powell’s press conference. All eyes also stay focused on the Fed’s updated economic projections, the so-called ‘Dot Plot’ chart, which will be key to gauge whether one more rate hike remains in the offing. In light of these events, traders refrain from placing fresh bets on the US Dollar, leaving Gold price gyrating in a familiar range.
SELL GOLD zone 1950 - 1952
Stoploss: 1955
Take Profit: 1945
Take Profit: 1940
