GOLD - Strategy Sell gold when the market is gloomy
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Gold prices lingered near a Mid-March low on Thursday, dragged down by a stronger dollar and hawkish comments from U.S. Federal Reserve Chair Jerome Powell.
Spot gold fell 0.2% to $1,903.19 per ounce by 0340 GMT, near a mid-March low hit on Wednesday.
U.S. gold futures fell 0.5% to $1,911.70.
The dollar index .DXY was higher, making gold expensive for holders of other currencies. USD/
Powell’s hawkish remarks reinforced interest rates going higher for longer, with a higher opportunity cost of holding gold dimming the appeal of gold, said OCBC FX strategist Christopher Wong.
Powell suggested another two rate hikes to the Fed funds target rate were likely, and he did not see inflation abating to the 2% target until 2025.
Investors now see an 81% chance of a 25-basis point rate hike in July before rates holding steady for the remainder of the year, according to CME’s Fedwatch tool.
GOLDSELL LIMIT 1910 - 1912💯💯
✅ TP1: 1906
✅ TP2: 1900
✅ TP3: 1895
🛑 SL: 1918
Spot gold fell 0.2% to $1,903.19 per ounce by 0340 GMT, near a mid-March low hit on Wednesday.
U.S. gold futures fell 0.5% to $1,911.70.
The dollar index .DXY was higher, making gold expensive for holders of other currencies. USD/
Powell’s hawkish remarks reinforced interest rates going higher for longer, with a higher opportunity cost of holding gold dimming the appeal of gold, said OCBC FX strategist Christopher Wong.
Powell suggested another two rate hikes to the Fed funds target rate were likely, and he did not see inflation abating to the 2% target until 2025.
Investors now see an 81% chance of a 25-basis point rate hike in July before rates holding steady for the remainder of the year, according to CME’s Fedwatch tool.
GOLDSELL LIMIT 1910 - 1912💯💯
✅ TP1: 1906
✅ TP2: 1900
✅ TP3: 1895
🛑 SL: 1918
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