Trading strategy today, continue to sell lightly and wait to buy
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World gold prices turned down sharply with spot gold down 24 USD to 2,336.9 USD/ounce. Gold futures last traded at 2,336.9 USD/ounce, down 25.5 USD compared to yesterday morning.
The recovery of the USD, rising bond yields and "hawkish" comments from US Federal Reserve (Fed) officials have weighed on sentiment in the gold market, while investors wait. Look forward to the key inflation report later this week for more insight into the Fed's policy path.
A 0.4% rise in the dollar made gold more expensive for buyers holding other currencies, while US 10-year Treasury yields rose to a nearly one-month high, increasing opportunity costs. hold gold. This week, Minneapolis Fed President Neel Kashkari emphasized that the US Central Bank should wait for evidence that inflation is decreasing before cutting interest rates.
Although gold is under a lot of pressure due to interest rate expectations, commodity analysts at UBS say that the precious metal's upward momentum is far from over with forecasts of prices rising to $2,500/ounce. in September and reach 2,600 USD/ounce by the end of this year. Previously, this Swiss bank forecast levels of 2,400 USD and 2,500 USD/ounce. USB also forecasts that gold price will increase to 2,700 USD/ounce by June 2025.
The recovery of the USD, rising bond yields and "hawkish" comments from US Federal Reserve (Fed) officials have weighed on sentiment in the gold market, while investors wait. Look forward to the key inflation report later this week for more insight into the Fed's policy path.
A 0.4% rise in the dollar made gold more expensive for buyers holding other currencies, while US 10-year Treasury yields rose to a nearly one-month high, increasing opportunity costs. hold gold. This week, Minneapolis Fed President Neel Kashkari emphasized that the US Central Bank should wait for evidence that inflation is decreasing before cutting interest rates.
Although gold is under a lot of pressure due to interest rate expectations, commodity analysts at UBS say that the precious metal's upward momentum is far from over with forecasts of prices rising to $2,500/ounce. in September and reach 2,600 USD/ounce by the end of this year. Previously, this Swiss bank forecast levels of 2,400 USD and 2,500 USD/ounce. USB also forecasts that gold price will increase to 2,700 USD/ounce by June 2025.
Not
🔥 XAUUSD sell 2338-2340🔥💵 TP1 2330
💵TP2 2310
❌ SL 2348
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🔴24/7 support for newbies.
🔴You always have priority.
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