New week's gold is still in the hands of Bulls
Starting the new week, gold continues its mild upward trend and is trading around the price range of 1944 - 1945 usd/ounce.
The lackluster economic data released by the United States during the past week indicates that there is a possibility that the Federal Reserve (Fed) will not raise interest rates at this month's meeting.
The USD and US government bond yields are also under pressure due to these figures, thereby supporting the price of gold.
In a survey conducted, more than two-thirds of retail investors expect gold prices to rise this week.
The lackluster economic data released by the United States during the past week indicates that there is a possibility that the Federal Reserve (Fed) will not raise interest rates at this month's meeting.
The USD and US government bond yields are also under pressure due to these figures, thereby supporting the price of gold.
In a survey conducted, more than two-thirds of retail investors expect gold prices to rise this week.
Comment:
The fact that gold still holds the current support level in the context of the strength of the USD has returned is quite an optimistic factor.
Comment:
According to consensus estimates, economists expect growth of 2.4%. The closely watched personal consumption expenditures (PCE) price index in the second quarter rose 2.5% from the first estimate of a 2.6% increase.
