Gold prices reached their lowest point in over three months on Wednesday due to diminished interest in the yellow metal, caused by expectations of further interest rate hikes by central banks later this year.
Price movement
Factors influencing the market
"Essentially, the sole driving force behind the gold market...has been the rhetoric and actions of the Federal Reserve," stated Brien Lundin, editor of Gold Newsletter. Despite the anticipated pause in interest rate hikes, gold has not been significantly affected, thanks to Fed Chairman Jerome Powell and his colleagues intensifying their hawkish stance.
The previous rally in gold over the past few months has fizzled out as central bankers worldwide, including Powell, have pledged to implement additional interest rate hikes.
During the European Central Bank's annual forum in Sintra, Portugal, on Wednesday, the world's top central bankers pledged to continue combating inflation until tangible evidence of success emerges.
Lundin informed MarketWatch that gold has also been experiencing the "typical summer slowdown and the allure of the $1,900 price level."
XAUUSD SELL LIMIT 1910 - 1912 💯💯
✅ TP1: 1905
✅ TP2: 1900
🛑 SL: 1917
Price movement
Factors influencing the market
"Essentially, the sole driving force behind the gold market...has been the rhetoric and actions of the Federal Reserve," stated Brien Lundin, editor of Gold Newsletter. Despite the anticipated pause in interest rate hikes, gold has not been significantly affected, thanks to Fed Chairman Jerome Powell and his colleagues intensifying their hawkish stance.
The previous rally in gold over the past few months has fizzled out as central bankers worldwide, including Powell, have pledged to implement additional interest rate hikes.
During the European Central Bank's annual forum in Sintra, Portugal, on Wednesday, the world's top central bankers pledged to continue combating inflation until tangible evidence of success emerges.
Lundin informed MarketWatch that gold has also been experiencing the "typical summer slowdown and the allure of the $1,900 price level."
XAUUSD SELL LIMIT 1910 - 1912 💯💯
✅ TP1: 1905
✅ TP2: 1900
🛑 SL: 1917
