XAU continued to decline after the minutes of the latest FED
XAU price continued to decline as investors took profits after the latest meeting minutes of the US Federal Reserve (Fed) showed that interest rates will stay higher for a longer period of time.
After the release of minutes from the Federal Open Market Committee (FOMC) meeting, the Fed's decision-making arm, revealed that, although policymakers expected price pressures to eventually ease, But they have not fallen fast enough to warrant a cut to the federal funds rate target range, which will remain at 5.25% - 5.50% “at least through September.”
The market is paying close attention to the labor market, which remains an important factor for the Fed's monetary policy. Economists note that a tightening labor market will push wage inflation higher, which will increase consumer prices overall.
After the release of minutes from the Federal Open Market Committee (FOMC) meeting, the Fed's decision-making arm, revealed that, although policymakers expected price pressures to eventually ease, But they have not fallen fast enough to warrant a cut to the federal funds rate target range, which will remain at 5.25% - 5.50% “at least through September.”
The market is paying close attention to the labor market, which remains an important factor for the Fed's monetary policy. Economists note that a tightening labor market will push wage inflation higher, which will increase consumer prices overall.
Comment:
+ 130 pips
Comment:
Hit TP2
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TP1: 2336
TP2: 2342
SL: 2322