Gold Prices Held Back as Investors Look to Fed Meeting Minutes
On Tuesday, the price of gold remained subdued at approximately $1,920 per ounce as investors eagerly awaited the release of the US Federal Reserve's June policy meeting minutes later in the week. These minutes were expected to provide further insights into the future trajectory of interest rates.
The most recent data revealed that US manufacturing experienced a further contraction in June, reaching its lowest level in nearly three years. Additionally, data released on Friday indicated a slowdown in US inflation, accompanied by a significant deceleration in consumer spending during May.
Despite these economic indicators, Federal Reserve Chair Jerome Powell stated last week that additional rate hikes are likely in the future. Powell emphasized the need for time to bring inflation back down to the target of 2%.
Market expectations currently suggest a strong likelihood, nearly 90%, that the central bank will raise rates by 25 basis points during its July meeting.
XAUUSD
SELL 1927- 1929💯💯
✅ TP1: 1922
✅ TP2: 1917
🛑 SL: 1933
The most recent data revealed that US manufacturing experienced a further contraction in June, reaching its lowest level in nearly three years. Additionally, data released on Friday indicated a slowdown in US inflation, accompanied by a significant deceleration in consumer spending during May.
Despite these economic indicators, Federal Reserve Chair Jerome Powell stated last week that additional rate hikes are likely in the future. Powell emphasized the need for time to bring inflation back down to the target of 2%.
Market expectations currently suggest a strong likelihood, nearly 90%, that the central bank will raise rates by 25 basis points during its July meeting.
XAUUSD
SELL 1927- 1929💯💯 ✅ TP1: 1922
✅ TP2: 1917
🛑 SL: 1933
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Running +70pips
