Gold Weakened!

Gold Weakened!

Gold Weakened!

Gold Weakened!

Gold weakened past $1,850 an ounce on Thursday, extending losses in the previous session, after minutes of the last Federal Reserve policy meeting showed the central bank was likely to stay the course on aggressive rate hikes. The first resistance will be $1855 on a further rise and first support will be $1833 on a decline.

Gold weakened past $1,850 an ounce on Thursday, extending losses in the previous session, after minutes of the last Federal Reserve policy meeting showed the central bank was likely to stay the course on aggressive rate hikes. Fed officials are prepared for half-point rate increases at each of the next two meetings in June and July to get on top of inflation, the minutes showed. They further noted that policy may have to move past a “neutral” stance and into “restrictive” territory depending on the evolving economic outlook and the risks to the outlook. The hawkish Fed minutes supported the dollar, pressuring greenback-priced bullion further. Meanwhile, Fed officials expressed concern that tighter policy could cause instability in both the Treasury and commodities market. The minutes cautioned about “the trading and risk-management practices of some key participants in commodities markets that were not fully visible to regulatory authorities.”

GOLD – XAUUSD

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