Gold Retreats on Fed Policy Outlook and Mixed Economic Data
On Monday, the price of gold edged lower to reach around $1,950 per ounce, stepping back from its one-month high, as investors continued to analyze the potential implications of the US Federal Reserve's monetary policy.
During the previous week, the precious metal experienced a 1.6% increase in value, triggered by softer-than-anticipated US inflation data, which led to speculations that the Fed might be approaching the conclusion of its current cycle of monetary policy tightening.
However, it is widely anticipated that the US central bank will proceed with a 25 basis points increase in interest rates this month, though traders have scaled back their expectations for further rate hikes throughout the remainder of the year.
Investors are now eagerly awaiting more data on the US economy and corporate earnings reports from major US companies this week, hoping to gather additional insights into the economic outlook.
Meanwhile, recent data revealed that China's economy expanded by 6.3% in the second quarter, falling short of analysts' expectations of a 7.3% growth rate. This outcome has raised hopes among investors that Chinese authorities may implement additional stimulus measures to bolster economic growth.
GOLD
SELL 1953 - 1955 💯💯
✅ TP1: 1948
✅ TP2: 1943
✅ TP2: 1938
🛑 SL: 1959
During the previous week, the precious metal experienced a 1.6% increase in value, triggered by softer-than-anticipated US inflation data, which led to speculations that the Fed might be approaching the conclusion of its current cycle of monetary policy tightening.
However, it is widely anticipated that the US central bank will proceed with a 25 basis points increase in interest rates this month, though traders have scaled back their expectations for further rate hikes throughout the remainder of the year.
Investors are now eagerly awaiting more data on the US economy and corporate earnings reports from major US companies this week, hoping to gather additional insights into the economic outlook.
Meanwhile, recent data revealed that China's economy expanded by 6.3% in the second quarter, falling short of analysts' expectations of a 7.3% growth rate. This outcome has raised hopes among investors that Chinese authorities may implement additional stimulus measures to bolster economic growth.
GOLD
SELL 1953 - 1955 💯💯 ✅ TP1: 1948
✅ TP2: 1943
✅ TP2: 1938
🛑 SL: 1959
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