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During early trading in New York, the price of gold decreased due to both a considerable amount of bids for the US dollar and technical factors. As a result, the price of gold has fallen by $16 and is currently at $1934.
The price of shares was upheld by a foundation at the previous week’s low of $1924; nevertheless, once the threshold at the 100-day moving average of$1942 was breached, there was an increase in selling activity.
Regarding the basics, the impressive figure of housing starts in the US, as well as the continued resilience of the US consumer, are causing concern among those who are optimistic about gold, as they fear that interest rates may rise. The Federal Reserve’s projections indicate that there is a 69% likelihood of a rate hike in July.
At 11:45 am ET, we will receive speeches from the Fed’s Williams and Barr, but the focus will likely be on “Reflections on Culture”, which could relate more to regulation than interest rates. Despite this, Williams, who has a more accommodative monetary policy stance, may express an opinion on interest rates, and if he suggests that further hikes are necessary, it could have a negative impact on the price of gold.
Ultimately, it is important to monitor the yields, specifically the US 10-year yields, which have decreased by 4.4 basis points and currently sit at a low of 3.72% during this trading session. It is worth considering if the behavior of today’s prices is influenced by quarter-end flows and investors trying to anticipate them.
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