Gold Below $1,930 Amid Strong Dollar and Fed's Rate Dilemma
On Wednesday, gold remained below the $1,930 per ounce mark, facing downward pressure from a robust dollar driven by increased global economic uncertainties that heightened safe-haven demand for the U.S. currency.
Furthermore, rising Treasury yields continued to exert pressure on the precious metal as investors assessed the probable direction of U.S. monetary policy.
Federal Reserve Governor Christopher Waller stated that the most recent set of economic data has afforded the U.S. central bank some flexibility in determining whether additional interest rate hikes are necessary to manage inflation.
Nevertheless, gold prices stayed near one-month highs, bolstered by easing inflation and soft job market data in the United States, raising optimism that the Federal Reserve might conclude its tightening measures for the year.
Market sentiment suggests that the Federal Reserve is likely to maintain interest rates unchanged in September, with an increasing likelihood of no further rate hikes this year.
GOLD
SELL LIMIT 1927 - 1929 💯💯
✅ TP1: 1922
✅ TP2: 1917
🛑 SL: 1934
Furthermore, rising Treasury yields continued to exert pressure on the precious metal as investors assessed the probable direction of U.S. monetary policy.
Federal Reserve Governor Christopher Waller stated that the most recent set of economic data has afforded the U.S. central bank some flexibility in determining whether additional interest rate hikes are necessary to manage inflation.
Nevertheless, gold prices stayed near one-month highs, bolstered by easing inflation and soft job market data in the United States, raising optimism that the Federal Reserve might conclude its tightening measures for the year.
Market sentiment suggests that the Federal Reserve is likely to maintain interest rates unchanged in September, with an increasing likelihood of no further rate hikes this year.
GOLD
SELL LIMIT 1927 - 1929 💯💯 ✅ TP1: 1922
✅ TP2: 1917
🛑 SL: 1934
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