World gold fluctuates near 3-month low, now is the time to BUY
GOLD fell on Wednesday (June 21), supported by a weaker dollar, although bond yields rose after Federal Reserve Chairman Jerome Powell's testimony before Congress. The US has kept gold prices hovering near 3-month lows.
Closing Wednesday's session, the spot gold contract was steady at $1,936.96 an ounce after falling 0.9% at the start of the session. Gold futures fell 0.1% to $1,944.9 an ounce.
“Future rate hikes are a pretty accurate prediction of where the central bank will go if the economy continues in its current direction, given the current economic outlook,” Powell said in a speech on Capitol Hill. The fight against inflation still has a long way to go.”
“There are no major factors weighing on the gold market, but rather a combination of rising yields and technical selling pressure,” said Jim Wyckoff, Senior Analyst at Kitco.
Yields on 10-year US Treasuries rose after Mr. Powell's testimony began, increasing the opportunity cost of holding the non-yielding metal.
If Mr. Powell were even a bit more pessimistic about the future US economic growth outlook or appeared conflicted about future rate hikes, that could weaken the USD, thereby supporting the US economy. gold, Mr. Wyckoff added.
The dollar index fell 0.5% after Mr. Powell's hearing began, making gold less expensive for holders of other currencies.
Investors now forecast a 79% chance the Fed will raise rates by 25 basis points in July, and there will be no rate cuts this year.
XAUUSD BUY 1932-1933 💯💯
✅ TP1: 1940
✅ TP2: 1945
✅ TP3: 1950
🛑 SL: 1925
Closing Wednesday's session, the spot gold contract was steady at $1,936.96 an ounce after falling 0.9% at the start of the session. Gold futures fell 0.1% to $1,944.9 an ounce.
“Future rate hikes are a pretty accurate prediction of where the central bank will go if the economy continues in its current direction, given the current economic outlook,” Powell said in a speech on Capitol Hill. The fight against inflation still has a long way to go.”
“There are no major factors weighing on the gold market, but rather a combination of rising yields and technical selling pressure,” said Jim Wyckoff, Senior Analyst at Kitco.
Yields on 10-year US Treasuries rose after Mr. Powell's testimony began, increasing the opportunity cost of holding the non-yielding metal.
If Mr. Powell were even a bit more pessimistic about the future US economic growth outlook or appeared conflicted about future rate hikes, that could weaken the USD, thereby supporting the US economy. gold, Mr. Wyckoff added.
The dollar index fell 0.5% after Mr. Powell's hearing began, making gold less expensive for holders of other currencies.
Investors now forecast a 79% chance the Fed will raise rates by 25 basis points in July, and there will be no rate cuts this year.
XAUUSD BUY 1932-1933 💯💯✅ TP1: 1940
✅ TP2: 1945
✅ TP3: 1950
🛑 SL: 1925
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