Gold prices fell as the USD and some major currencies tend to appreciate after the US Federal Reserve (Fed) and the European Central Bank (ECB) are believed to promote the fight against the growth of the US dollar. develop by these interest rate hikes in July.
Gold is also under selling pressure when falling to the sensitive level of 1,900 USD/ounce.
False detection is an issue that is still being watched by countries. Fed and ECB continue to talk about raising interest rates.
The latest macro data from the US is supporting the Fed to further tighten monetary policy. The Conference Board's consumer confidence report rose to 109.7 points in June. This is the best score since January 2022.
This shows that the risk of economic recession is no longer large. It also means that the Fed will raise interest rates by 25 basis points at its upcoming meeting.
The signal from the CME FedWatch tool shows that there is a 77% chance that the Fed will raise interest rates by 25 points in July. Morgan Stanley has also updated its forecast that the Fed will continue the series of interest rate hikes next month.
Deflation is still a global problem even though many countries around the world have tightened monetary policy more aggressively than a year ago.
The gold market is not doing well with the price possibly falling below 1,900 USD/ounce in the short term.
XAUUSD BUY 1903-1905 💯💯
✅ TP1: 1910
✅ TP2: 1916
✅ TP3: 1922
🛑 SL: 1898
Gold is also under selling pressure when falling to the sensitive level of 1,900 USD/ounce.
False detection is an issue that is still being watched by countries. Fed and ECB continue to talk about raising interest rates.
The latest macro data from the US is supporting the Fed to further tighten monetary policy. The Conference Board's consumer confidence report rose to 109.7 points in June. This is the best score since January 2022.
This shows that the risk of economic recession is no longer large. It also means that the Fed will raise interest rates by 25 basis points at its upcoming meeting.
The signal from the CME FedWatch tool shows that there is a 77% chance that the Fed will raise interest rates by 25 points in July. Morgan Stanley has also updated its forecast that the Fed will continue the series of interest rate hikes next month.
Deflation is still a global problem even though many countries around the world have tightened monetary policy more aggressively than a year ago.
The gold market is not doing well with the price possibly falling below 1,900 USD/ounce in the short term.
XAUUSD BUY 1903-1905 💯💯
✅ TP1: 1910
✅ TP2: 1916
✅ TP3: 1922
🛑 SL: 1898
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Running +40Pips ✅
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HIT TP1 +70Pips ✅
