Waiting for actions from the Fed
Gold prices steadied further above key support levels on Tuesday, but the yellow metal still remained under pressure as markets awaited more cues on monetary policy from the Federal Reserve this week.
Bullion prices saw some relief over the past two sessions, after the Fed’s preferred inflation gauge read lower than expected for May. But the central bank is still expected to hike rates in July.
Substantially weaker-than-expected U.S. manufacturing data also ramped up fears of slowing growth, spurring some flows into gold.
But despite recent gains, gold was still trading close to its weakest level in nearly four months. Spot gold was flat at $1,920.91 an ounce, while gold futures steadied at $1,928.55 an ounce by 20:26 ET (00:26 GMT).
GOLD BUY 1908 - 1910💯💯
✅ TP1: 1915
✅ TP2: 1920
✅ TP3: 1925
🛑 SL: 1905
Bullion prices saw some relief over the past two sessions, after the Fed’s preferred inflation gauge read lower than expected for May. But the central bank is still expected to hike rates in July.
Substantially weaker-than-expected U.S. manufacturing data also ramped up fears of slowing growth, spurring some flows into gold.
But despite recent gains, gold was still trading close to its weakest level in nearly four months. Spot gold was flat at $1,920.91 an ounce, while gold futures steadied at $1,928.55 an ounce by 20:26 ET (00:26 GMT).
GOLD BUY 1908 - 1910💯💯✅ TP1: 1915
✅ TP2: 1920
✅ TP3: 1925
🛑 SL: 1905
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