XAUUSD: Gold price waiting for the opportunity
Comments from Fed Chairman Jerome Powell on Wednesday in a press release following the Fed rate decision may offer some insight about the central bank's plans for further interest rate hikes.
Although the Fed left rates on hold in June after delivering 10 consecutive interest-rate hikes, the central bank is widely expected to raise rates by another 25 basis points at this meeting.
Any sign that the central bank is planning further hikes beyond July — perhaps another move at its September meeting, or later — could weigh on gold prices, which have benefited from the latest batch of inflation data showing price pressures easing more quickly than expected.
"The downside risk to gold as we wrap up July will be whether the Fed leaves the door somewhat open for further increases to US interest rates," Jameel Ahmad, chief analyst at Dubai-based brokerage GTC, said in emailed comments to MarketWatch.
Key U.S. economic data this week include a reading on second quarter gross domestic product on Thursday.
On Tuesday, a survey of U.S. consumer confidence climbed to a two-year high of 117.0 in July.
It would be "wise to keep a close eye" on the key U.S. Q2 GDP, initial jobless claims, durable goods and June PCE data in the second half of the week, said Otunuga. "When factoring in how these key releases may impact Fed hike expectations beyond July's policy meeting, this could translate to heightened volatility for gold."
XAUUSD
BUY 1955 - 1958💯💯
✅ TP1: 1965
✅ TP2: 1970
🛑 SL: 1950
Although the Fed left rates on hold in June after delivering 10 consecutive interest-rate hikes, the central bank is widely expected to raise rates by another 25 basis points at this meeting.
Any sign that the central bank is planning further hikes beyond July — perhaps another move at its September meeting, or later — could weigh on gold prices, which have benefited from the latest batch of inflation data showing price pressures easing more quickly than expected.
"The downside risk to gold as we wrap up July will be whether the Fed leaves the door somewhat open for further increases to US interest rates," Jameel Ahmad, chief analyst at Dubai-based brokerage GTC, said in emailed comments to MarketWatch.
Key U.S. economic data this week include a reading on second quarter gross domestic product on Thursday.
On Tuesday, a survey of U.S. consumer confidence climbed to a two-year high of 117.0 in July.
It would be "wise to keep a close eye" on the key U.S. Q2 GDP, initial jobless claims, durable goods and June PCE data in the second half of the week, said Otunuga. "When factoring in how these key releases may impact Fed hike expectations beyond July's policy meeting, this could translate to heightened volatility for gold."
XAUUSD
BUY 1955 - 1958💯💯 ✅ TP1: 1965
✅ TP2: 1970
🛑 SL: 1950
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Running . +70PIPS ✅✅✅
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HIT TP1. +100PIPS ✅✅✅
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This will likely continue pouring cold water on expectations of a pivot, which surged after Silicon Valley Bank collapsed in March. But, thus far, the economy has for the most part remained unscathed. There is a weak consensus of a further hike to 5.50% - 5.75% by year-end. More importantly, financial markets have essentially fully priced out cuts this year.
