GOLD → There is a risk of higher treasury yields

Moon-Traderfx Updated   
TVC:GOLD   CFDs on Gold (US$ / OZ)
Gold prices fell following the Federal Reserve's monetary policy announcement. There, Chairman Jerome Powell essentially hinted at a 'higher for longer' approach, causing financial markets to price in a higher eventual Federal Funds rate and pushing back expectations of a cut interest rates in the near future.

In response, Treasury yields and the US dollar increased, working together to put downward pressure on precious metals, such as gold and silver. On the daily chart below, XAUUSD has rejected the short-term downtrend line recently formed from July. That opened the door for a revisit of growing support from April, which is closely linked to the 38.2% Fibonacci retracement of 1903.46.
🕯 BUY GOLD |  1918 - 1915

🔴 SL: 1910

🟢 TP1: 1923
🟢 TP2: 1928
Trade active:
Running + 40pips ✔️✔️✔️. Great ❤️‍🔥
Trade active:
HIT TP1 + 80pips. Heading to TP2 ✔️✔️✔️
The fact that gold maintains a solid support level above 1,900 USD/ounce amid surrounding difficulties is a good sign that the market is ready for a new uptrend when the trend reverses.
The Fed's rate hike pause was expected, but the hawkish tone suggests interest rates will stay high until 2024. This revision caused significant impact in financial markets.
Gold is doing very well, despite Mr. Powell's hawkish views. The risks that the economy will break down are rising and eventually bad news for the economy will boost safe-haven flows to gold.
Kitco News' latest weekly Gold Survey finds market analysts divided between bullish and neutral, while retail investors expect a breakout to the upside or downside from the close trading range This.
For nearly a month, gold has fluctuated back and forth between $1,900/ounce and $1,950/ounce. This range should remain in place for at least a few more weeks.
🕯 BUY GOLD | 1912 - 1914

🔴 SL: 1908

🟢 TP1: 1920
🟢 TP2: 1925
Trade active:
Running +20pip✅✅✅

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