Gold prices fell during the midday trading session in the US on Monday due to a strong US dollar index, a sharp drop in crude oil prices, and an increase in US Treasury bond yields.
The market is relatively calm before the Federal Reserve's FOMC meeting, which will end on Wednesday with Chairman Powell's statement and press conference. Despite earlier expectations of a pause in interest rate tightening, the report of better job growth last Friday has reinforced the belief that the Fed will implement another rate hike this week.
This week, the US will release two significant economic reports - the Consumer Price Index (CPI) and Producer Price Index (PPI) for May. The CPI is estimated to increase by 4.0% compared to last year. On the other hand, the PPI is expected to decrease by 0.1% from the previous month.
The market is relatively calm before the Federal Reserve's FOMC meeting, which will end on Wednesday with Chairman Powell's statement and press conference. Despite earlier expectations of a pause in interest rate tightening, the report of better job growth last Friday has reinforced the belief that the Fed will implement another rate hike this week.
This week, the US will release two significant economic reports - the Consumer Price Index (CPI) and Producer Price Index (PPI) for May. The CPI is estimated to increase by 4.0% compared to last year. On the other hand, the PPI is expected to decrease by 0.1% from the previous month.
✅Buy order in the $1,940-$1,937 price zone when the support zone is approached.
✖️Stoploss: $1,934.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!