Greetings, dear readers! Today's gold price is listed at $1,914 per ounce, showing a slight decrease of $2 compared to earlier this morning. The market experienced minimal fluctuations after Mr. Powell's speech provided little new information regarding the future direction of the central bank.
The FED will continue to exercise caution in bringing inflation back to its 2% target. The fight against inflation is far from over and the FED still has a long way to go in controlling inflation at desired levels.
Mr. Powell's speech is a determining factor for whether gold prices will return to $1,900 per ounce or rise up to $1,940 per ounce. In this context, the market still needs to wait for upcoming data which will provide support for gold if it indicates weaker economic conditions and vice versa.
The FED will continue to exercise caution in bringing inflation back to its 2% target. The fight against inflation is far from over and the FED still has a long way to go in controlling inflation at desired levels.
Mr. Powell's speech is a determining factor for whether gold prices will return to $1,900 per ounce or rise up to $1,940 per ounce. In this context, the market still needs to wait for upcoming data which will provide support for gold if it indicates weaker economic conditions and vice versa.
Comment:
good luck everyone
Comment:
"Gold is surprisingly strong even when the US dollar is strong this week and the culprit is the weakness of the euro (57.6% in DXY). The strength of the US dollar is truly remarkable due to its reaction to support tests, but gold continues to rise even in that context."
Comment:
After four consecutive weeks of losses, gold recorded a slight increase this week. However, this increase is still modest. Traders should note that the gold market is in a wait-and-see state and upcoming economic data could bring significant fluctuations.
