World gold price this morning continued its downward trend with spot gold down 10.2 USD to 1,891.4 USD/ounce. December gold futures last traded at $1,928.3 per ounce, down $6.9 from the previous morning.
Gold trades near a six-month low after the minutes of the central bank's July monetary policy meeting were released. The minutes showed that the US Federal Reserve (Fed) still maintained a "hawkish" view on monetary policy and left open other options for raising interest rates due to high inflationary pressures.
"Participants further assessed that it is important that the stance of monetary policy be sufficiently restrained to bring inflation back to the 2% target. They noted that uncertainty about the economic outlook remained. remain high and agree that policy decisions at future meetings will depend on the data and its implications for the economic and inflation outlook as well as for the balance of risks." the minutes said.
The Fed's aggressive monetary policy tightening is the biggest obstacle for gold, and the precious metal continues to struggle in this environment.
XAUUSD
BUY 1891 - 1893
TP1: 1898
TP2: 1993
SL: 1887
Gold trades near a six-month low after the minutes of the central bank's July monetary policy meeting were released. The minutes showed that the US Federal Reserve (Fed) still maintained a "hawkish" view on monetary policy and left open other options for raising interest rates due to high inflationary pressures.
"Participants further assessed that it is important that the stance of monetary policy be sufficiently restrained to bring inflation back to the 2% target. They noted that uncertainty about the economic outlook remained. remain high and agree that policy decisions at future meetings will depend on the data and its implications for the economic and inflation outlook as well as for the balance of risks." the minutes said.
The Fed's aggressive monetary policy tightening is the biggest obstacle for gold, and the precious metal continues to struggle in this environment.
XAUUSD
BUY 1891 - 1893 TP1: 1898
TP2: 1993
SL: 1887
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Despite short-term selling pressure, analysts at Australia-based bank ANZ said they maintain a medium to long-term bullish outlook for the precious metal. Daniel Hynes, senior commodity strategist at ANZ, said that while he cannot rule out a drop below $1,900 an ounce, he sees signs of solid support in the market.
