Federal Reserve Holds Rates, Traders Anticipate July Hike
According to the minutes, the Federal Reserve reached a consensus to maintain interest rates at the June meeting in order to evaluate whether additional rate hikes would be necessary.
Currently, traders have factored in a 91% probability of a 25-basis-point rate increase occurring in July.
Reuters technical analyst Wang Tao suggests that spot gold might test a support level at $1,914 per ounce, and there is a significant likelihood of it dropping below this level and reaching a range between $1,903 and $1,909.
Investors will now closely monitor the U.S. Labor Department's Job Openings and Labor Turnover Survey, along with other economic indicators. They will also keep a keen eye on updates regarding China's export controls on semiconductor metals and U.S. Treasury Secretary Janet Yellen's visit to Beijing.
Jun Rong stated that any further escalation in these matters following the meeting could lead market participants to adopt a defensive stance, potentially prompting short-term safe haven flows towards gold prices.
XAUUSD SELL LIMIT 1928 - 1930💯💯
✅ TP1: 1923
✅ TP2: 1918
✅ TP3: 1913
🛑 SL: 1934
Currently, traders have factored in a 91% probability of a 25-basis-point rate increase occurring in July.
Reuters technical analyst Wang Tao suggests that spot gold might test a support level at $1,914 per ounce, and there is a significant likelihood of it dropping below this level and reaching a range between $1,903 and $1,909.
Investors will now closely monitor the U.S. Labor Department's Job Openings and Labor Turnover Survey, along with other economic indicators. They will also keep a keen eye on updates regarding China's export controls on semiconductor metals and U.S. Treasury Secretary Janet Yellen's visit to Beijing.
Jun Rong stated that any further escalation in these matters following the meeting could lead market participants to adopt a defensive stance, potentially prompting short-term safe haven flows towards gold prices.
XAUUSD SELL LIMIT 1928 - 1930💯💯
✅ TP1: 1923
✅ TP2: 1918
✅ TP3: 1913
🛑 SL: 1934
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