Gold Technical Analysis: The Bears May Move to the $1885 Support
Despite the recent recession, gold prices experienced a strong performance in the first half of 2023 with annual gains of more than 5%, outperforming many other asset classes and commodities.
The minutes also showed that the vast majority of policymakers — "nearly all of them" — agreed that further tightening was likely to be needed this year. That, along with pointing out the importance of post-meeting contact to make clear the officials' intentions, provided ample evidence that the Fed likely didn't.
"A strong majority of the participants on the committee expect that it would be appropriate to raise interest rates two or more times by the end of the year," Powell said at a conference in Madrid hosted by the Bank of Spain last week. Inflation pressures continue to rise, and the process of bringing inflation back to 2 percent still has a long way to go.
According to the performance on the daily chart below, the gold price still tends to decline, and the opportunity for prices to move toward the $1885 support level is available if it tests $1900 an ounce, which is the closest to it now.
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