Gold prices (XAU/USD) fell vertically to near $1,915.00 as uncertainty over the Federal Reserve's (Fed) interest rate outlook deepened. The precious metal's upside remains limited as Fed policymakers continue to maintain a hawkish stance for upcoming monetary policy meetings. "It feels like interest rates will have to stay high for longer than the market expects," said Federal Reserve Bank of Chicago President Austan Goolsbee.
The US Dollar has also shown signs of tapering volatility, but the broader trend remains bullish due to the resilient US economy. Investors became cautious about the US economic outlook when the Fed announced it would keep interest rates restrictive enough in the long term to control inflation. This could increase unemployment, slow labor demand and make factory operations more vulnerable. This week investors will focus on US Durable Goods Orders data and the Fed's preferred inflation gauge for August.
The US Dollar has also shown signs of tapering volatility, but the broader trend remains bullish due to the resilient US economy. Investors became cautious about the US economic outlook when the Fed announced it would keep interest rates restrictive enough in the long term to control inflation. This could increase unemployment, slow labor demand and make factory operations more vulnerable. This week investors will focus on US Durable Goods Orders data and the Fed's preferred inflation gauge for August.
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Plan BUY : +20PIP ✅✅✅
Plan BUY : +20PIP ✅✅✅
SL: 1908
TP1:1920
TP2:1925