Gold prices remained steady in early Asian trading on Wednesday as investors awaited the widely expected rate hike by the U.S. Federal Reserve, potentially signaling the end of its monetary tightening cycle.
Key Points:
Spot gold held firm at $1,964.14 per ounce by 0110 GMT, with U.S. gold futures edging up 0.1% to $1,965.90.
The focus is on central bank meetings this week, starting with the Fed policy decision on Wednesday, followed by the European Central Bank and the Bank of Japan.
Traders anticipate the U.S. Fed to maintain rates in the 5.25%-5.5% range until March 2024, according to the CME FedWatch tool.
Rising interest rates impact gold, as it increases the opportunity cost of holding non-yielding bullion.
The dollar and U.S. Treasury yields are near their two-week highs, making gold more expensive for buyers holding other currencies.
U.S. consumer confidence rose to a two-year high in July, but concerns about a potential recession persist due to high interest rates.
China's net gold imports via Hong Kong dropped about 29% in June, reflecting a slow economic recovery in the world's top consumer of the metal.
XAUUSD BUY 1962 - 1964💯💯
✅ TP1: 1968
✅ TP2: 1973
✅ TP3: 1978
🛑 SL: 1958
Key Points:
Spot gold held firm at $1,964.14 per ounce by 0110 GMT, with U.S. gold futures edging up 0.1% to $1,965.90.
The focus is on central bank meetings this week, starting with the Fed policy decision on Wednesday, followed by the European Central Bank and the Bank of Japan.
Traders anticipate the U.S. Fed to maintain rates in the 5.25%-5.5% range until March 2024, according to the CME FedWatch tool.
Rising interest rates impact gold, as it increases the opportunity cost of holding non-yielding bullion.
The dollar and U.S. Treasury yields are near their two-week highs, making gold more expensive for buyers holding other currencies.
U.S. consumer confidence rose to a two-year high in July, but concerns about a potential recession persist due to high interest rates.
China's net gold imports via Hong Kong dropped about 29% in June, reflecting a slow economic recovery in the world's top consumer of the metal.
XAUUSD BUY 1962 - 1964💯💯
✅ TP1: 1968
✅ TP2: 1973
✅ TP3: 1978
🛑 SL: 1958
Comment:
Gold is on the right track
Comment:
Running +80 Pips ✔️✔️✔️
Comment:
right trend
right trend
HIT TP1 +50pips ✔️✔️