XAUUSD: USD continues to accelerate, gold drops sharply
In a recent meeting, the Fed signaled that it would continue to tighten monetary policy, thereby pushing up the USD price.
However, analysts say that it is likely that the Fed will only raise interest rates one more time and will reverse monetary policy starting in mid-2024. Pressure on the USD will then increase and gold may step in. into a prolonged uptrend.
In the next few months, demand for gold is forecast to increase as it enters the peak gold consumption season in Asia.
XAUUSD BUY 1900 - 1898
TP1: 1905
TP2: 1910
SL: 1895
However, analysts say that it is likely that the Fed will only raise interest rates one more time and will reverse monetary policy starting in mid-2024. Pressure on the USD will then increase and gold may step in. into a prolonged uptrend.
In the next few months, demand for gold is forecast to increase as it enters the peak gold consumption season in Asia.
XAUUSD BUY 1900 - 1898TP1: 1905
TP2: 1910
SL: 1895
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