Gold Surges on Weakening Dollar and Easing US Inflation
Gold reached its highest levels in three weeks on Wednesday, nearing $1,940 per ounce. This surge was attributed to the weakening of the dollar and US Treasury yields, driven by speculations that US inflation will continue to subside and that the Federal Reserve will soon halt its rate hikes.
On Monday, several officials from the US central bank indicated their intention to raise rates further later this year in order to curb persistently high inflation. However, it was noted that the current tightening phase of monetary policy is drawing closer to its end.
Simultaneously, data revealed that US consumer inflation expectations for the upcoming year decreased for the third consecutive month, dropping to 3.8% in June 2023 from 4.1% in May. This represents the lowest level in over two years.
Investors are now eagerly awaiting the release of the June US consumer price index report on Wednesday, which is expected to provide additional insights into the Federal Reserve's future rate-hiking trajectory.
XAUUSD
BUY LIMIT 1930 - 1932💯💯
✅ TP1: 1937
✅ TP2: 1942
✅ TP3: 1947
🛑 SL: 1925
On Monday, several officials from the US central bank indicated their intention to raise rates further later this year in order to curb persistently high inflation. However, it was noted that the current tightening phase of monetary policy is drawing closer to its end.
Simultaneously, data revealed that US consumer inflation expectations for the upcoming year decreased for the third consecutive month, dropping to 3.8% in June 2023 from 4.1% in May. This represents the lowest level in over two years.
Investors are now eagerly awaiting the release of the June US consumer price index report on Wednesday, which is expected to provide additional insights into the Federal Reserve's future rate-hiking trajectory.
XAUUSD
BUY LIMIT 1930 - 1932💯💯 ✅ TP1: 1937
✅ TP2: 1942
✅ TP3: 1947
🛑 SL: 1925
