The price of precious metals remains steadfast at $1,950 while awaiting news from the Fed meeting. The meeting will take place on July 25th and conclude on July 26th (US time). The financial market is almost certain that the Fed will raise interest rates by 0.25% at this meeting.
A strong breakthrough above $1,970 could trigger a push towards $1,985 and $2,000. However, if the price falls below $1,947, speculators may target $1,940 and $1,932.
A strong breakthrough above $1,970 could trigger a push towards $1,985 and $2,000. However, if the price falls below $1,947, speculators may target $1,940 and $1,932.
Trade active:
Close 1/2 +45pips ✔️✔️✔️ Move SL to Entry
Trade closed: target reached:
Close Full +100pips ✔️✔️✔️
Comment:
Gold prices rebounded to the significant level of $1,950 today after a sharp decline yesterday. The US Department of Commerce reported a core personal consumption expenditure (PCE) price index increase of 0.2% last month, following a 0.3% rise in May. This inflation growth aligns with economists' expectations.
Comment:
Former US President Donald Trump said today, Friday, that he will not end his 2024 presidential campaign even if he is proven guilty and sentenced on several charges against him.
Trump's comments come a day after federal prosecutors expanded the scope of the investigation into the case against him regarding his handling of classified documents after leaving office.
Trump's comments come a day after federal prosecutors expanded the scope of the investigation into the case against him regarding his handling of classified documents after leaving office.
Comment:
According to CME Group's FedWatch tool, most investors believe that the Fed last increased interest rates in July. Interbank borrowing costs in the US have risen by an additional 25 basis points, ranging from 5.25% to 5.5%. When interest rates stop rising, the USD will become less attractive to foreign investors seeking high returns, meaning that this currency may weaken compared to its counterparts.
Comment:
DXY above 101.5 supports the bull side, below 101.5 but above 100.5 is a competitive zone where prices are likely to move sideways. DXY bulls will gain strength if it surpasses 102.00.
The range of 17.4 is significant for the Strength indicator, with support at 17.35 and resistance at 17.5.
Gold is currently constrained and influenced by DXY, with a trading range of 1965-1952.
The range of 17.4 is significant for the Strength indicator, with support at 17.35 and resistance at 17.5.
Gold is currently constrained and influenced by DXY, with a trading range of 1965-1952.
🔴 SL: 1980
🟢 TP1: 1955
🟢 TP2: 1945