Most US markets are closed on Monday. That’s why gold investors’ eyes are on the Fed minutes, which will be released on Wednesday. Spot gold prices trading at $1,792 could rise to $1,813 per yellow ONS, according to analysts.
Stephen Innes: These developments will limit gold’s upward ambitions!
Gold climbed to a two-week high on Monday as concerns about an earlier-than-expected rate hike by the Fed eased after a mixed package of US jobs data. Higher interest rates lower the opportunity cost of holding noninterest-paying bullion. Spot gold rose to $1,793 per ONS on the latest developments. Most US markets were closed on Monday for the Independence Day holiday.
US gold futures also rose. Stephen Innes, managing partner of SPI Asset Management, commented on the markets and said, “Last week’s payroll numbers gave very mixed signals and these data were not robust enough to move the FED needle.” Stephen Innes adds the following to his comments on the subject:
However, growth in the US Dollar Series is quite strong, inflation is quite strong. We have to be very careful as the markets are still playing the FED’s hawk hand and this will limit gold’s upward ambitions.
Analyst: Gold fiadollaryellow can see these levels in the next step!
Data on Friday showed that US companies hired the most workers in 10 months in June, but unemployment rose further, labor force participation remained unchanged and the saadollarsic earnings growth rate slowed. Meanwhile, the recovery in the US labor market strengthens investors’ focus on data and the Fed’s next move as markets show more evidence of a robust recovery amid persistent inflation concerns.
The minutes of the Fed’s latest meeting, which will be released on Wednesday, may shed more light on policymakers’ views on inflation and monetary policy. Reuters technical analyst Wang Tao said that spot gold could break the resistance at $1,789 per ONS and rally to $1,813 as suggested by the wave pattern and pullback analysis. At the time of writing, gold prices are sitting at $1,792, and according to Wang Tao’s estimation, gold’s next target could be $1,813.
Not everyone expects a rise in the market in the short term like Wang Tao
As we reported earlier, Jim Wyckoff, senior analyst at Kitco News, recently made significant gold price predictions. Jim Wyckoff expects further declines for gold and silver in the near future. Cryptocoin. com
As we previously reported as , for more gold predictions “ Gold Price Forecast: What to Expect in the Short and Long Term?” You can review our article.
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