The precious metal experts said that the direction of gold in the near future largely depends on the statement of Fed Chairman Jerome Powell at the press conference.
According to Moya, if the Fed continues to make the option of tightening further and the upcoming economic data is positive, it will likely cause gold to fall deeply.
Going forward, markets will be watching monetary policy statements from the Fed, European Central Bank (ECB) and BOJ. The ECB is also expected to raise interest rates by 25 percentage points on July 27.
Currently, the market is optimistic that the Fed is about to complete the cycle of tightening monetary policy. However, gold can be risky because the Fed Chairman is open to the possibility of at least two more rate hikes this year.
According to Moya, if the Fed continues to make the option of tightening further and the upcoming economic data is positive, it will likely cause gold to fall deeply.
Going forward, markets will be watching monetary policy statements from the Fed, European Central Bank (ECB) and BOJ. The ECB is also expected to raise interest rates by 25 percentage points on July 27.
Currently, the market is optimistic that the Fed is about to complete the cycle of tightening monetary policy. However, gold can be risky because the Fed Chairman is open to the possibility of at least two more rate hikes this year.
