Gold price touch Resistance 1980
Market sentiment and gold's upside potential
In the case of gold, Proportional buying is an indication that market participants still believe there is upside potential based on market sentiment asserting that the Federal Reserve can only increase returns by ¼%, rather than the recent announcement that it will raise returns by ¼% twice more this year. According to CME's FedWatch tool, there's a 99.8% chance the Federal Reserve will raise interest rates at next week's FOMC meeting for another ¼% increase.
The FedWatch tool predicts that after raising rates this month, they will pause at the September meeting with a confirmation rate of 83.9%, a 66.2% probability that they will keep rates between 5¼% and 5½% in November, and a 60.8% confirmation that the Fed will do the same in December to keep rates unchanged after another rate hike.
XAUUSD BUY 1961 - 1963💯💯
✅ TP1: 1970
✅ TP2: 1975
🛑 SL: 1955
In the case of gold, Proportional buying is an indication that market participants still believe there is upside potential based on market sentiment asserting that the Federal Reserve can only increase returns by ¼%, rather than the recent announcement that it will raise returns by ¼% twice more this year. According to CME's FedWatch tool, there's a 99.8% chance the Federal Reserve will raise interest rates at next week's FOMC meeting for another ¼% increase.
The FedWatch tool predicts that after raising rates this month, they will pause at the September meeting with a confirmation rate of 83.9%, a 66.2% probability that they will keep rates between 5¼% and 5½% in November, and a 60.8% confirmation that the Fed will do the same in December to keep rates unchanged after another rate hike.
XAUUSD BUY 1961 - 1963💯💯
✅ TP1: 1970
✅ TP2: 1975
🛑 SL: 1955
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