In this morning's trading session, world gold prices fell more than 1%, after the US's hot inflation report dimmed the prospect that the US Federal Reserve (FED) would soon cut interest rates.
World gold reversed and fell sharply after a series of high increases
The Fed will enter a cycle of interest rate cuts and precious metals will be strongly supported.
However, the market often reflects expectations in advance. Gold has increased in price very strongly since the end of 2023 and over the first 2 months of 2024. The possibility of gold prices continuing to skyrocket is no longer highly appreciated.
Recently, many forecasts say that gold will increase in the second half of the year but at a slow pace. Most likely, gold price will reach 2,200
World gold reversed and fell sharply after a series of high increases
The Fed will enter a cycle of interest rate cuts and precious metals will be strongly supported.
However, the market often reflects expectations in advance. Gold has increased in price very strongly since the end of 2023 and over the first 2 months of 2024. The possibility of gold prices continuing to skyrocket is no longer highly appreciated.
Recently, many forecasts say that gold will increase in the second half of the year but at a slow pace. Most likely, gold price will reach 2,200
Note
SELL XAU 2160 - 2157TP1: 2150
TP2: 2140
SL: 2170
Note
running + 20 pipsNote
Hit TP 1 + 100 pips
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.