What’s happening in the markets? We’ve put together some of the most important news and events that may affect your trades in the near term.
The US Consumer Confidence Fell. Why Did Not Gold Move A Tick?
The market participants seemed to be not convinced by the current economic conditions.
The inflation remains high, and the odds of another rate hike are pretty high.
Political shake-ups happened globally, with the UK officials’ changes, the upcoming mid-term election in the US, and the unresolved conflicts in the Eastern European region.
From a technical perspective, gold has not moved a lot since Monday. The price hovered around USD1,650 per troy ounce.
If the price can bounce back and break above USD1,675 per troy ounce, the price may continue to around USD1,710-1,730 per troy ounce.
Contrary, if the price fails to sustain above USD1,614-1,625 per troy ounce, the price may continue lower to USD1,550-1,580 per troy ounce.
We’ll continue to keep you informed about current market trends and the drivers behind them. Stay tuned for more updates in the future.
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