Gold drifts higher before Fed minutes
Focus was now squarely on the minutes of the Fed’s June meeting, for any more cues on the path of U.S. interest rates. While the central bank had kept rates on hold last month, it had also flagged at least two more hikes this year, given that inflation still remains high.
Fed Chair Jerome Powell also reiterated as much in a series of testimonies and addresses over the past two weeks.
Markets are pricing in an 88% chance the central bank will raise rates by 25 basis points later in July. While recent data showed that overall U.S. inflation declined, core inflation still remained sticky and well above the Fed’s target range.
The trend points to more pressure on gold in the coming months, although expectations of a potential U.S. recession have also driven some safe haven demand for the yellow metal.
Analysts at IG said that they would move to a positive bias for spot gold if it could reclaim a resistance level between $1,925 to $1,935 an ounce.
GOLD BUY 1918 - 1920 💯💯
✅ TP1: 1925
✅ TP2: 1930
✅ TP3: 1935
🛑 SL: 1914
Fed Chair Jerome Powell also reiterated as much in a series of testimonies and addresses over the past two weeks.
Markets are pricing in an 88% chance the central bank will raise rates by 25 basis points later in July. While recent data showed that overall U.S. inflation declined, core inflation still remained sticky and well above the Fed’s target range.
The trend points to more pressure on gold in the coming months, although expectations of a potential U.S. recession have also driven some safe haven demand for the yellow metal.
Analysts at IG said that they would move to a positive bias for spot gold if it could reclaim a resistance level between $1,925 to $1,935 an ounce.
GOLD BUY 1918 - 1920 💯💯✅ TP1: 1925
✅ TP2: 1930
✅ TP3: 1935
🛑 SL: 1914
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