What will happen to XAU when USD continues to increase?
Updated
Gold slipped from key psychological support below $1,900 an ounce in this bright trading session as the Federal Reserve's hawkish stance continued to boost US left-wing interests. bonds and the USD and erase the bullish trend of the metal markets.
Last week, the Federal Open Market Committee (FOMC), the Fed's policy-setting body, decided to keep interest rates stable at 5.25% and 5.50%. JP Morgan CEO Jamie Dimon recently said that the market needs to prepare for Fed interest rates at 7% in the coming months and this is a bad scenario for gold.
According to some analysts, the decline in gold prices could bring prices to the lowest level in 2023 of 1,810 USD/ounce on the spot market. A sell-off was triggered after the Fed signaled it would maintain a restrictive monetary policy for the foreseeable future even as the tightening cycle ends. Bank of America's strong stance sent bond yields to a new 16-year high and the dollar to its highest since November, gold from an August low of $1,885 an ounce . James Stanley, senior market strategist at Forex.com, forecasts initial resistance around $1,850 an
Last week, the Federal Open Market Committee (FOMC), the Fed's policy-setting body, decided to keep interest rates stable at 5.25% and 5.50%. JP Morgan CEO Jamie Dimon recently said that the market needs to prepare for Fed interest rates at 7% in the coming months and this is a bad scenario for gold.
According to some analysts, the decline in gold prices could bring prices to the lowest level in 2023 of 1,810 USD/ounce on the spot market. A sell-off was triggered after the Fed signaled it would maintain a restrictive monetary policy for the foreseeable future even as the tightening cycle ends. Bank of America's strong stance sent bond yields to a new 16-year high and the dollar to its highest since November, gold from an August low of $1,885 an ounce . James Stanley, senior market strategist at Forex.com, forecasts initial resistance around $1,850 an
Note
BUY XAU 1874 - 1876TP1: 1884
TP2: 1888
SL: 1864
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