GOLD - Strategy Sell Gold before PCE, opportunity or challenge?
Gold price in the world market is being tested the support level of 1,900 USD/ounce. Gold prices react to the report on the US housing market.
The housing market struggled for most of 2023 as the US Federal Reserve maintained its most aggressive monetary policies in 40 years, driving mortgage rates higher.
At the same time, low housing supply drives prices up. Many people find it difficult to buy a new home.
Meanwhile, the USD continuously increased in value. The Dollar Index (DXY) that measures the greenback's volatility with six major currencies stood at 103.35.
The prospect of higher interest rates put pressure on gold prices. A stronger USD has made investors "turn away" from gold.
According to CME FedWatch, markets expect an 82% chance of the Fed raising rates at its next meeting in July 2023, and less likely to ease monetary policy later this year.
XAUUSD SELL LIMIT 1912 - 1915💯💯
✅ TP1: 1907
✅ TP2: 1900
✅ TP3: 1895
🛑 SL: 1920
The housing market struggled for most of 2023 as the US Federal Reserve maintained its most aggressive monetary policies in 40 years, driving mortgage rates higher.
At the same time, low housing supply drives prices up. Many people find it difficult to buy a new home.
Meanwhile, the USD continuously increased in value. The Dollar Index (DXY) that measures the greenback's volatility with six major currencies stood at 103.35.
The prospect of higher interest rates put pressure on gold prices. A stronger USD has made investors "turn away" from gold.
According to CME FedWatch, markets expect an 82% chance of the Fed raising rates at its next meeting in July 2023, and less likely to ease monetary policy later this year.
XAUUSD SELL LIMIT 1912 - 1915💯💯
✅ TP1: 1907
✅ TP2: 1900
✅ TP3: 1895
🛑 SL: 1920
