Gold prices were lower during the midday trading session in the US on Monday. The trio of falling external markets - a stronger US dollar index, a sharp drop in crude oil prices, and an increase in US Treasury bond yields - are putting pressure on the precious metal today. The market is relatively calm ahead of the US central bank's monetary policy meeting and important inflation reports.
The US data highlight of the week is the Federal Reserve's FOMC meeting, starting on Tuesday and ending on Wednesday with Chairman Powell's statement and press conference. Despite earlier expectations of a pause in interest rate tightening, the report of better job growth last Friday has reinforced the belief that the Fed will implement another rate hike this week.
Other important economic reports in the US this week include the Consumer Price Index and Producer Price Index for May on Tuesday and Wednesday respectively. CPI is predicted to rise by 4.0% compared to the same period last year, while PPI is expected to decrease by 0.1% from last month.
The US data highlight of the week is the Federal Reserve's FOMC meeting, starting on Tuesday and ending on Wednesday with Chairman Powell's statement and press conference. Despite earlier expectations of a pause in interest rate tightening, the report of better job growth last Friday has reinforced the belief that the Fed will implement another rate hike this week.
Other important economic reports in the US this week include the Consumer Price Index and Producer Price Index for May on Tuesday and Wednesday respectively. CPI is predicted to rise by 4.0% compared to the same period last year, while PPI is expected to decrease by 0.1% from last month.
✅Buy order in the $1,937-$1,940 price zone when the support zone is approached.
✖️Stoploss: $1,933.
✅Sell the $1,985-$1,982 range when the price hits the resistance area.
✖️Stoploss: $1,990.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!