GOLD- Continued downtrend, where is the opportunity to buy gold?
The yellow metal hit its lowest level in more than 3 months in midweek trading as a lack of news fueled the recovery. Meanwhile, speaking at a meeting of the European Central Bank (ECB), US Federal Reserve Chairman Jerome Powell reiterated his longstanding hawkish stance. Mr. Powell said that raising interest rates at consecutive monetary policy meetings would not be out of the question, and ruled out an economic recession.
He asserted that the dotted average chart shows there will be at least two more 25 basis point rate hikes this year and does not rule out the possibility of a succession of rate hikes.
According to CME's Fedwatch tool, investors place a 77% chance of rate hikes by July 2023, with rate cuts to be implemented from March 2024 onwards, and most banks All major US banks are expected to raise interest rates by 25 basis points.
High yields make gold less attractive to investors. The Fed will release the minutes of its policy meeting from June 13-14 to July 5.
Investors will keep an eye on the May 2023 Personal Consumption Price Index (PCE) data among others.
BUY GOLD 1902 -1904💯💯
✅ TP1: 1908
✅ TP2: 1914
✅ TP3: 1920
🛑 SL: 1897
He asserted that the dotted average chart shows there will be at least two more 25 basis point rate hikes this year and does not rule out the possibility of a succession of rate hikes.
According to CME's Fedwatch tool, investors place a 77% chance of rate hikes by July 2023, with rate cuts to be implemented from March 2024 onwards, and most banks All major US banks are expected to raise interest rates by 25 basis points.
High yields make gold less attractive to investors. The Fed will release the minutes of its policy meeting from June 13-14 to July 5.
Investors will keep an eye on the May 2023 Personal Consumption Price Index (PCE) data among others.
BUY GOLD 1902 -1904💯💯
✅ TP1: 1908
✅ TP2: 1914
✅ TP3: 1920
🛑 SL: 1897
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Running +30Pips ✅
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HIT TP1 +90Pips ✅
