Gold prices are on the right track of the Fed
Updated
The gold market now consists of a net long position of 115,318 contracts, the highest level since early March 2022 due to bullish positions. Gold prices surged to a seven-week high during the survey period, testing resistance at $1,980 an ounce.
The recovery forum will be held after June's consumer usage data were weaker than expected. Given the developments in the statistics, some market participants expect the Federal Reserve to likely end a powerful austerity cycle.
However, gold has been unable to sustain last week's gains as it is currently testing the support above $1,950 an ounce. A number of key developments and a strong labor market supporting wage growth could force the Federal Reserve to remain positive for longer than expected.
XAUUSD SELL 1962 - 1964💯💯
✅ TP1: 1958
✅ TP2: 1952
✅ TP3: 1945
🛑 SL: 1968
The recovery forum will be held after June's consumer usage data were weaker than expected. Given the developments in the statistics, some market participants expect the Federal Reserve to likely end a powerful austerity cycle.
However, gold has been unable to sustain last week's gains as it is currently testing the support above $1,950 an ounce. A number of key developments and a strong labor market supporting wage growth could force the Federal Reserve to remain positive for longer than expected.
XAUUSD SELL 1962 - 1964💯💯✅ TP1: 1958
✅ TP2: 1952
✅ TP3: 1945
🛑 SL: 1968
Note
Set up full TP SL to safety your accountNote
In a recent interview with Kitco News, Sean Lusk, co-head of commercial hedging at Walsh Trading, said that while he wants to buy gold on a dip, trying to outdo the Federal Reserve won't be worth it.Note
Hit TP2+ 120 Pips ✅ ✅ ✅
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