XAUUSD: Waiting for a new selling opportunity from FOMC
Updated
Hi everybody,
In today's trading session, gold prices increased slightly. However, the looming threat of a "hot" inflation report from the Federal Reserve's FOMC meeting starting this morning (June 12) could push gold prices down.
While demand from bargain hunters has boosted gold prices, gains have been limited by a strong US dollar.
Recent positive economic news from the US suggests the Fed may continue its current monetary policy for longer. Additionally, with several major central banks having already cut interest rates and possibly further cuts in the coming months, the dollar remains high and could rise further, putting pressure on gold.
Stay tuned to see how the market behaves in the coming days!
In today's trading session, gold prices increased slightly. However, the looming threat of a "hot" inflation report from the Federal Reserve's FOMC meeting starting this morning (June 12) could push gold prices down.
While demand from bargain hunters has boosted gold prices, gains have been limited by a strong US dollar.
Recent positive economic news from the US suggests the Fed may continue its current monetary policy for longer. Additionally, with several major central banks having already cut interest rates and possibly further cuts in the coming months, the dollar remains high and could rise further, putting pressure on gold.
Stay tuned to see how the market behaves in the coming days!
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