GOLD, Key trends and trading strategies
Updated
The world's yellow metal continued to show its strength when it remained stable after the US Federal Reserve (Fed) left open the possibility of two more interest rate hikes this year. This makes experts even more optimistic about gold with the forecast that this precious metal will rise above $ 2,000 / ounce in a sustainable way.
While gold was initially sold off after the Fed decision, it recouped most losses on Thursday as traders reassessed their outlook for more rate hikes. But the yellow metal still failed to break out of a $1,930 to $2,000 trading range it had settled into for the past month.
Still, an extended pause in the Fed’s rate hike cycle bodes well for the yellow metal, given that rising interest rates push up the opportunity cost of holding non-yielding assets.
BUY GOLD LIMIT 1953 - 1955 💯💯
✅ TP1: 1962
✅ TP2: 1970
✅ TP3: 1975
🛑 SL : 1947
While gold was initially sold off after the Fed decision, it recouped most losses on Thursday as traders reassessed their outlook for more rate hikes. But the yellow metal still failed to break out of a $1,930 to $2,000 trading range it had settled into for the past month.
Still, an extended pause in the Fed’s rate hike cycle bodes well for the yellow metal, given that rising interest rates push up the opportunity cost of holding non-yielding assets.
BUY GOLD LIMIT 1953 - 1955 💯💯
✅ TP1: 1962
✅ TP2: 1970
✅ TP3: 1975
🛑 SL : 1947
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