Gold’s rebound over ahead of FOMC ?

Gold's recent rally is slowing down before important policy meetings of the US Federal Reserve, the European Central Bank, and the Bank of Japan. The Fed is likely to raise interest rates by 25 basis points, which could strengthen the US dollar and negatively impact gold. Depending on the Fed's statement, the dollar and gold may either stay within their recent ranges or experience downward pressure.

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🌐Conferenceboard - US User Confidence Index
➡️Before: 109.70
➡️Expectation : 111.80
➡️Actual : 117

The number is good for USD.

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🕯 SELL GOLD | 1975 - 1972

🔴 SL: 1980

🟢 TP1: 1955
🟢 TP2: 1945

İşlem aktif:

Close 1/2 +45pips ✔️✔️✔️ Move SL to Entry

İşlem kapandı: hedefe ulaştı:

Close Full +100pips ✔️✔️✔️

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Gold prices rebounded to the significant level of $1,950 today after a sharp decline yesterday. The US Department of Commerce reported a core personal consumption expenditure (PCE) price index increase of 0.2% last month, following a 0.3% rise in May. This inflation growth aligns with economists' expectations.

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Former US President Donald Trump said today, Friday, that he will not end his 2024 presidential campaign even if he is proven guilty and sentenced on several charges against him.

Trump's comments come a day after federal prosecutors expanded the scope of the investigation into the case against him regarding his handling of classified documents after leaving office.

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According to CME Group's FedWatch tool, most investors believe that the Fed last increased interest rates in July. Interbank borrowing costs in the US have risen by an additional 25 basis points, ranging from 5.25% to 5.5%. When interest rates stop rising, the USD will become less attractive to foreign investors seeking high returns, meaning that this currency may weaken compared to its counterparts.

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DXY above 101.5 supports the bull side, below 101.5 but above 100.5 is a competitive zone where prices are likely to move sideways. DXY bulls will gain strength if it surpasses 102.00.

The range of 17.4 is significant for the Strength indicator, with support at 17.35 and resistance at 17.5.

Gold is currently constrained and influenced by DXY, with a trading range of 1965-1952.