Gold is currently trading around $1,950, showing little change throughout the day and maintaining a strong hold within a familiar trading range for the past month. The price of gold struggled to capitalize on modest gains and traded within a narrow range during the first half of today's trading session.
The uncertain path of interest rate hikes by the Fed has hindered traders from making positive bets on gold prices. Last week, the Fed indicated that borrowing costs may need to increase by up to 50 basis points by the end of the year. However, weaker upcoming macroeconomic data from the US raises questions about how much room the Fed has to continue raising interest rates.
On the other hand, the price range of $1,962-$1,964 could act as an immediate barrier before the supply zone of $1,970-$1,972. The next threshold is at $1,983-$1,985, beyond which a short-term recovery could allow gold to regain the psychological level of $2,
The uncertain path of interest rate hikes by the Fed has hindered traders from making positive bets on gold prices. Last week, the Fed indicated that borrowing costs may need to increase by up to 50 basis points by the end of the year. However, weaker upcoming macroeconomic data from the US raises questions about how much room the Fed has to continue raising interest rates.
On the other hand, the price range of $1,962-$1,964 could act as an immediate barrier before the supply zone of $1,970-$1,972. The next threshold is at $1,983-$1,985, beyond which a short-term recovery could allow gold to regain the psychological level of $2,
Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,90. First resistance is seen at today’s high of $1,950 and then at $1,960. First support is seen at today’s low of 1,929 and then at $1,920.