The Fed and the Interest Rate - The story continues.... dari Aleksandr Shirin

08 Jul 2023, 21:21 · Views 48

The Fed still believes that inflation will continue to rise. They have already scheduled a 
rate hike at the end of July. But the release of employment reports in June made the timing of 
the increase unclear. The Fed is aiming to cut inflation, which is now above its target. Officials are 
indeed worried that inflation may rise despite favorable labor market conditions.

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XAU - there is a possibility of growth. After the almost non-stop fall in recent days, some growth may be quite logical. The gold chart already shows key resistance, which is located around the 1833.35 level. In the near future, I think it makes sense to expect it to be tested at a price. If testing is successful and it is possible to break through the level, then some further growth will be possible. The support level is currently located at 1823.50.

Aleksandr Shirin

XAU - review. This is not the first time in more than 10 days that gold quotes have tested the strength of the 1926 level and retreated without achieving success. In my opinion, buyers have long given up leadership to sellers. I think the biggest success for buyers, which will most likely be expressed in a breakdown of the 1900 level and consolidation below this level, is yet to come. Perhaps, and most likely, this will be connected with the Fed meeting, which is expected this week. Currently we have a resistance zone of 1926-1930 and a support level around 1900.

Aleksandr Shirin