Gold Price Forecast as Fed Minutes loom-Confluence Detector
Gold Price (XAU/USD) struggles to extend recovery from a multi-month low marked the last week as traders await the Federal Open Market Committee (FOMC) Minutes for the June meeting. Apart from the pre-event anxitey, the fears of a full-fledged trade war between US and China join the concerns about the global ecnomic slowdown to prod the XAU/USD price.
Alternatively, sofer the US Data and expectations that the Gold demand from India and China will increase over time put a floor under the Gold Price. However, the metal sellers need to confirm Fed Chairman Jerome Powell's hawkish statements like, "two more rate hikes in 2023''
to ratake control. In doing so, they also need to smash the $1,915 key support.
If all the Gold Price remains weak past $1,915 key support, the odds of witnessing the XAU/USD slump towards $1,900 threshold can't be ruled out.
Gold Price (XAU/USD) struggles to extend recovery from a multi-month low marked the last week as traders await the Federal Open Market Committee (FOMC) Minutes for the June meeting. Apart from the pre-event anxitey, the fears of a full-fledged trade war between US and China join the concerns about the global ecnomic slowdown to prod the XAU/USD price.
Alternatively, sofer the US Data and expectations that the Gold demand from India and China will increase over time put a floor under the Gold Price. However, the metal sellers need to confirm Fed Chairman Jerome Powell's hawkish statements like, "two more rate hikes in 2023''
to ratake control. In doing so, they also need to smash the $1,915 key support.
If all the Gold Price remains weak past $1,915 key support, the odds of witnessing the XAU/USD slump towards $1,900 threshold can't be ruled out.
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.
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.