Gold is down by some 0.12% after falling from a high of $1,960.31oz to score a low of $1,939.75oz after the Federal Reserve indicated that not one, but two more interest rate hikes may be in store as inflation remains sticky while the labour market has surprised with "extraordinary resilience." This puts a strain on the yellow metal, especially as Fed Chair Jerome Powell said nearly all Fed officials expect more rate rises this year.
Gold price moved higher at the start of the US session after the easing of price pressures in Wednesday’s U.S. May PPI report was dovish for Fed policy. However, the hawkish hold at the Fed on Wednesday with Powell noting that even as officials have not decided what they will do at coming meetings, the July gathering is a "live meeting" that could bring another rate hike. Treasury yields and the USD surged in response, weighing on investor appetite.
Gold price is trading heavily within a sideways daily range. Bears eye a break of the $1,930s to set the wheels to the downside in motion again.
BUY GOLD 1932 - 1935 💯💯
✅ TP1: 1942
✅ TP2: 1948
✅ TP3: 1954
🛑 SL: 1925
Gold price moved higher at the start of the US session after the easing of price pressures in Wednesday’s U.S. May PPI report was dovish for Fed policy. However, the hawkish hold at the Fed on Wednesday with Powell noting that even as officials have not decided what they will do at coming meetings, the July gathering is a "live meeting" that could bring another rate hike. Treasury yields and the USD surged in response, weighing on investor appetite.
Gold price is trading heavily within a sideways daily range. Bears eye a break of the $1,930s to set the wheels to the downside in motion again.
BUY GOLD 1932 - 1935 💯💯
✅ TP1: 1942
✅ TP2: 1948
✅ TP3: 1954
🛑 SL: 1925
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