Gold rangebound ahead of Fed meeting
The yellow metal has kept to a tight trading range for nearly three weeks, coming under pressure from a resurgence in the dollar and treasury yields as markets speculated over the Fed’s stance on more interest rate hikes.
Gold futures fluctuated between $1,940 to $2,000 an ounce, while spot gold kept to between $1,930 to $1,980 an ounce since mid-May.
Spot gold rose 0.3% to $1,944.06 an ounce, while gold futures steadied at $1,959.65 an ounce by 20:06 ET (00:06 GMT).
Still, analysts see the yellow metal benefiting from safe haven demand, in the event of a U.S. recession later this year. But in the interim, strength in the dollar is expected to limit any major gains in gold.
GOLD BUY 1945-1947 💯💯
✅TP1 1951
✅TP1 1956
✅TP3 1962
🛑SL 1940
Gold futures fluctuated between $1,940 to $2,000 an ounce, while spot gold kept to between $1,930 to $1,980 an ounce since mid-May.
Spot gold rose 0.3% to $1,944.06 an ounce, while gold futures steadied at $1,959.65 an ounce by 20:06 ET (00:06 GMT).
Still, analysts see the yellow metal benefiting from safe haven demand, in the event of a U.S. recession later this year. But in the interim, strength in the dollar is expected to limit any major gains in gold.
GOLD BUY 1945-1947 💯💯
✅TP1 1951
✅TP1 1956
✅TP3 1962
🛑SL 1940
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