Gold 08/17: signal prediction
World gold price this morning continued its downward trend with spot gold down 10.2 USD to 1,891.4 USD/ounce. December gold futures last traded at $1,928.3 per ounce, down $6.9 from the previous morning.
Gold trades near a six-month low after the minutes of the central bank's July monetary policy meeting were released. The minutes showed that the US Federal Reserve (Fed) still maintained a "hawkish" view on monetary policy and left open other options for raising interest rates due to high inflationary pressures.
While ANZ remains bullish on gold, the current lackluster environment has prompted the bank to push back on its prediction of a new record high. The Bank of Australia forecasts prices to average around $2,050 an ounce by the fourth quarter of 2023. Prices are expected to hit a new high by the end of the first quarter of 2024, with prices averaging around $2,100.
XAUUSD BUY 1905-1907💯
✅ TP1: 1900
✅ TP2: 1902
SL: 1897
Gold trades near a six-month low after the minutes of the central bank's July monetary policy meeting were released. The minutes showed that the US Federal Reserve (Fed) still maintained a "hawkish" view on monetary policy and left open other options for raising interest rates due to high inflationary pressures.
While ANZ remains bullish on gold, the current lackluster environment has prompted the bank to push back on its prediction of a new record high. The Bank of Australia forecasts prices to average around $2,050 an ounce by the fourth quarter of 2023. Prices are expected to hit a new high by the end of the first quarter of 2024, with prices averaging around $2,100.
XAUUSD BUY 1905-1907💯
✅ TP1: 1900
✅ TP2: 1902
SL: 1897
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