Let's discuss the market with Selena!
Gold continued to trade around the price range of $1927-1928 per ounce today, with no significant changes compared to the same time yesterday. The Federal Reserve (FED) has concluded its monetary policy meeting for September 2023, maintaining the interest rates at 5.25-5.5%, the highest level in 22 years.
In response to this information, the US dollar reversed its trend and started to rise in value. The US stock market turned red as a result. Many investors have shifted their capital into USD, causing the currency to appreciate further and leading to a subdued trading session for gold.
Gold continued to trade around the price range of $1927-1928 per ounce today, with no significant changes compared to the same time yesterday. The Federal Reserve (FED) has concluded its monetary policy meeting for September 2023, maintaining the interest rates at 5.25-5.5%, the highest level in 22 years.
In response to this information, the US dollar reversed its trend and started to rise in value. The US stock market turned red as a result. Many investors have shifted their capital into USD, causing the currency to appreciate further and leading to a subdued trading session for gold.
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good luck everyone
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The US Dollar Index (DXY), which measures the Greenback's performance against six other major currencies, extends its gains and trades at a six-month high of around 105.50.
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The USD is still supported by loose monetary policies in many countries.
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It can be observed that gold is not receiving much support as the US dollar remains relatively stable, with no surprising moves from the Fed compared to market expectations.
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After hitting resistance like Selena had given, gold came back and bounced back
