Gold prices moved in a tight range on Friday as traders weighed recent U.S. economic data and hawkish signals from the Federal Reserve, while a relatively softer dollar provided some support to bullion.
While gold was initially sold off after the Fed decision, it recouped most losses on Thursday as traders reassessed their outlook for more rate hikes. But the yellow metal still failed to break out of a $1,930 to $2,000 trading range it had settled into for the past month.
Still, an extended pause in the Fed’s rate hike cycle bodes well for the yellow metal, given that rising interest rates push up the opportunity cost of holding non-yielding assets.
GOLD BUY 1945 - 1947 💯💯
✅ TP1: 1950
✅ TP2: 1955
✅ TP3: 1960
🛑 SL: 1940
While gold was initially sold off after the Fed decision, it recouped most losses on Thursday as traders reassessed their outlook for more rate hikes. But the yellow metal still failed to break out of a $1,930 to $2,000 trading range it had settled into for the past month.
Still, an extended pause in the Fed’s rate hike cycle bodes well for the yellow metal, given that rising interest rates push up the opportunity cost of holding non-yielding assets.
GOLD BUY 1945 - 1947 💯💯
✅ TP1: 1950
✅ TP2: 1955
✅ TP3: 1960
🛑 SL: 1940
