The gold remains indecisive on a weekly basis as the markets struggle for clear directions amid the pre-Fed blackout and mixed feelings about global growth concerns.
The US dollar failed to take advantage of the previous day's gains and has become a significant support for gold prices.
However, gold's progress may be limited due to uncertainty about the Federal Reserve's future policy decisions.
If gold falls below the May monthly swing low of $1932, it may confirm a negative bias and make gold susceptible to further decline towards the $1900 mark.
The US dollar failed to take advantage of the previous day's gains and has become a significant support for gold prices.
However, gold's progress may be limited due to uncertainty about the Federal Reserve's future policy decisions.
If gold falls below the May monthly swing low of $1932, it may confirm a negative bias and make gold susceptible to further decline towards the $1900 mark.
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The ongoing conflict between the United States and China with regards to chip technology may have a negative impact on the tech giants of South Korea. However, this impact is expected to be short-lived.
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In May, Jerome Powell, the Chairman of the Federal Reserve, suggested that the US central bank might stop raising interest rates for a while to evaluate the effects of the previous 500-point hikes. The bank has been increasing interest rates at each meeting since March 2022.
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The recent announcement by the Bank of Canada has increased the likelihood that the US Federal Reserve will also make a similar decision at their upcoming meeting next week.
