Precious metals prices started soaring from yesterday after the US development report showed the economic situation "cooled down", the dollar fell to the lowest level in nearly a year, ending hopes of the Federal Reserve. The US Federal Reserve (Fed) may pause the rate hike cycle sooner. Yields on US 10-year bonds were also at their lowest in more than a week, helping to reduce the opportunity cost of holding non-yielding assets like gold.
Kinesis Money analyst Carlo Alberto De Casa said it was only two weeks until the next Fed meeting and with data showing fewer jobs added last month and slower growth in June. , many people expect that this rate hike could be the last.
Experts say that gold is operating in a favorable environment. Besides easing pressure, demand from central banks and de-dollarization trend are taking place globally. It was recently confirmed by the Russian government that Brazil, Russia, India, China and South Africa, also known as BRICS countries, will introduce a new trading currency backed by gold. The official formula announcement is expected to be made during the BRICS Summit in August in South Africa.
The latest news is adding new impetus to the ongoing global de-USDization trend. Since mid-2022, offset intermediaries around the world have been buying gold at historic rates in part to diversify their reserves, while attempting to move away from the dollar.
XAUUSD BUY 1955- 1953💯💯
✅ TP1: 1960
✅ TP2: 1965
✅ TP3: 1972
🛑 SL: 1948
Kinesis Money analyst Carlo Alberto De Casa said it was only two weeks until the next Fed meeting and with data showing fewer jobs added last month and slower growth in June. , many people expect that this rate hike could be the last.
Experts say that gold is operating in a favorable environment. Besides easing pressure, demand from central banks and de-dollarization trend are taking place globally. It was recently confirmed by the Russian government that Brazil, Russia, India, China and South Africa, also known as BRICS countries, will introduce a new trading currency backed by gold. The official formula announcement is expected to be made during the BRICS Summit in August in South Africa.
The latest news is adding new impetus to the ongoing global de-USDization trend. Since mid-2022, offset intermediaries around the world have been buying gold at historic rates in part to diversify their reserves, while attempting to move away from the dollar.
XAUUSD BUY 1955- 1953💯💯
✅ TP1: 1960
✅ TP2: 1965
✅ TP3: 1972
🛑 SL: 1948
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