GOLD (12/6) easing ahead of key Fed meeting
Gold prices began the week around the $1,955 mark, rising at the start of Friday before retreating from a five-day high. The DXY is tracking a slight recovery of US Treasury bond yields, despite concerns about the new economy and expectations that the Fed will pause interest rate hikes on Wednesday.
Markets are 76% certain that the Fed will keep the Fed fund rate at 5.00%-5.25% when their two-day meeting ends on Wednesday. However, gold prices have weakened due to slowing physical demand for gold in China and India, causing dealers to lower prices. Unstable prices in India are also causing buyers to delay purchases.
Markets are 76% certain that the Fed will keep the Fed fund rate at 5.00%-5.25% when their two-day meeting ends on Wednesday. However, gold prices have weakened due to slowing physical demand for gold in China and India, causing dealers to lower prices. Unstable prices in India are also causing buyers to delay purchases.
✅Buy order in the $1,937-$1,940 price zone when the support zone is approached.
✖️Stoploss: $1,933.
✅Sell the $1,985-$1,982 range when the price hits the resistance area.
✖️Stoploss: $1,990.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!