XAU decreased slightly in this morning's trading session
Updated
In the world market, analysts believe that world gold prices will decline after an official of the US Federal Reserve (FED) commented on monetary policy. This person believes that high US interest rates will be kept stable, or even increased if necessary.
Immediately, the currency market reacted. The USD increased in price compared to many other strong currencies, putting pressure on gold prices today.
About the short-term gold price trend
Gold forecast is still on the rise. The factor supporting gold's rise is demand from central banks. Analysts said they expect central bank gold purchases to hit another near-record this year
There are 3 factors supporting the uptrend of gold, the most important being the Fed's monetary policy. Although the US Central Bank does not want to signal an interest rate cut anytime soon because inflation is still high, it is only a matter of time before interest rates start to decrease.
The second factor that continues to support gold's rise is demand from central banks. Analysts said they expect central bank gold purchases to hit another near-record this year.
In addition, the need for safe havens due to concerns about geopolitical instability also provides a boost to precious metals.
Immediately, the currency market reacted. The USD increased in price compared to many other strong currencies, putting pressure on gold prices today.
About the short-term gold price trend
Gold forecast is still on the rise. The factor supporting gold's rise is demand from central banks. Analysts said they expect central bank gold purchases to hit another near-record this year
There are 3 factors supporting the uptrend of gold, the most important being the Fed's monetary policy. Although the US Central Bank does not want to signal an interest rate cut anytime soon because inflation is still high, it is only a matter of time before interest rates start to decrease.
The second factor that continues to support gold's rise is demand from central banks. Analysts said they expect central bank gold purchases to hit another near-record this year.
In addition, the need for safe havens due to concerns about geopolitical instability also provides a boost to precious metals.
Note
2325 -2323TP1: 2335
TP2: 2345
SL: 2320
Note
HiT tp 1 + 120 PIPS
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