Gold Price Forecast: XAU/USD looks weak
Updated
Gold (XAU/USD) prices remained pressured at $1,901 in the early hours of the Asian session on Wednesday as it reversed a late-Tuesday correction from seven-week lows in cautious mood context.
That said, the risk aversion engendered by China coupled with upbeat US data and belligerent negotiations by the Federal Reserve, as well as fears of seeing a downgrade credit ratings of major US companies, weighed on sentiment and XAU/USD the previous day.
That said, bullion initially rebounded early Tuesday amid market consolidation ahead of today's Federal Open Market Committee (FOMC) Monetary Policy Meeting Minutes.
Trading plan: BUY GOLD 1893-1895, SL: 1885, TP: 1905,1910
Remember to install SL to ensure the safety of your account, if you agree with my strategy leave a comment below
That said, the risk aversion engendered by China coupled with upbeat US data and belligerent negotiations by the Federal Reserve, as well as fears of seeing a downgrade credit ratings of major US companies, weighed on sentiment and XAU/USD the previous day.
That said, bullion initially rebounded early Tuesday amid market consolidation ahead of today's Federal Open Market Committee (FOMC) Monetary Policy Meeting Minutes.
Trading plan: BUY GOLD 1893-1895, SL: 1885, TP: 1905,1910
Remember to install SL to ensure the safety of your account, if you agree with my strategy leave a comment below
Note
Gold prices recovered from their lowest levels since late June as the market prepared for the minutes of the Fed's monetary policy meeting. Adding strength to the corrective rally could be the latest cautious optimism in the markets amid hopes for more stimulus from China, as well as an end to the Fed tightening cycle driven by mixed data. recent United States.Note
Looks like gold is going sideways waiting for tonight's FOMC minutes.I am still expecting gold to hit the entry as I have analyzed above.Trade active
Gold is following strategy. Get ready for orders guysNote
A firmer US Dollar and rising bond yields are generating headwinds. At 4.2%, yields on ten-year US Treasuries reached their highest level since November 2022. The real interest rate, calculated after deducting the market-based inflation expectations, now exceeds 1.8%. Climbing real interest rates increases the opportunity costs of holding Gold, which does not yield any interest itself.Note
Wait for this plan to come to FOMCNote
+60pips in the FOMC time,can you close your profitsNote
Congratulations to those of you who followed the signal
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