World gold price this morning fell sharply with spot gold down 15.8 USD to 1,936.8 USD/ounce. Gold futures in August traded at the end of the period at 1,948.2 USD/ounce, down 15.3 USD compared to the dawn of the previous day.
Strong USD rally continues to put pressure on precious metals. Early this morning, the US Dollar Index, which measures the volatility of the greenback with 6 major currencies increasing, reduced the attractiveness of gold to buyers holding other currencies.
The market is waiting for the latest statements from the Chairman of the US Federal Reserve (Fed) Jerome Powell. He will provide a semi-annual monetary policy report to Congress on Wednesdays and Thursdays. Many think the chairman of the world's most force-backed central bank will repeat the comments at the meeting. recently reported, while he will offer the possibility of higher interest payments in the future. Markets will be closely watching Mr. Powell's remarks for fresh clues about the timing of rate hikes. If he takes a "hawkish" stance, this could return the dollar and US Treasury yields. But if he is more upbeat and does not provide new clues, this could weaken the greenback.
GOLD
BUY 1933 - 1935 💯💯
✅ TP1: 1940
✅ TP2: 1945
✅ TP3: 1950
🛑 SL: 1927
Strong USD rally continues to put pressure on precious metals. Early this morning, the US Dollar Index, which measures the volatility of the greenback with 6 major currencies increasing, reduced the attractiveness of gold to buyers holding other currencies.
The market is waiting for the latest statements from the Chairman of the US Federal Reserve (Fed) Jerome Powell. He will provide a semi-annual monetary policy report to Congress on Wednesdays and Thursdays. Many think the chairman of the world's most force-backed central bank will repeat the comments at the meeting. recently reported, while he will offer the possibility of higher interest payments in the future. Markets will be closely watching Mr. Powell's remarks for fresh clues about the timing of rate hikes. If he takes a "hawkish" stance, this could return the dollar and US Treasury yields. But if he is more upbeat and does not provide new clues, this could weaken the greenback.
GOLD
BUY 1933 - 1935 💯💯 ✅ TP1: 1940
✅ TP2: 1945
✅ TP3: 1950
🛑 SL: 1927
