Bitcoin continues to rise targeting the $24,000 level
Bitcoin continues to gain bullish momentum, as it managed to cross the resistance levels of…
Gold prices fell during the trading session today in Trade Nation broker, approaching towards recording its second daily loss in the last three sessions, thus recording its lowest level in a week. This decline came due to the weak levels of investment demand for the metal as a safe haven amid reluctance from investors in light of messages Contrasted by the Federal Reserve on the tightening of monetary policy in the United States.
Gold fell during spot transactions by about 0.6% until 09:40 GMT, to trade around the level of 1770.64 US dollars per ounce, the lowest since the twenty-first of this June, from the opening level at 1781.11 dollars, and it reached early in the session the highest price at 1785.72 dollars per ounce. .
While gold settled in US futures contracts unchanged, recording the level of $ 1779.10 an ounce.
The precious metal, “gold”, managed to end trading on Friday, rising by 0.3%, after it lost 0.2% the previous day, due to the rise in the levels of the US dollar against most currencies.
Over the course of the past week’s trading, gold prices rose by 0.9%, to record their first weekly gain in the last four weeks, as prices received more support recently thanks to the continuation of recovery processes from the lowest level in two months at $1,760.80 an ounce.
In terms of the US dollar index trading, the index rose during today’s session by more than 0.2% to the level of 92.01 points, reflecting renewed purchases of the US currency against most major and minor currencies, which negatively affects the movements of gold and other metals priced in dollars.
The dollar lost 0.5% over the course of the past week, in the first weekly loss in the last five weeks. This decline came due to the acceleration of corrections and profit-taking after it recorded earlier its highest level in two months at 92.40 points.
Otherwise, despite the US consumer spending data, which came in less than expected during the month of May, investors’ conviction has not changed much that the Federal Reserve may tighten monetary policy in the near future if inflationary pressures persist. in the escalation.
However, it seems that the market is fully convinced of the opinion of the US Federal Reserve that inflation is an accident and that there is no need to worry about a long period of inflation.
The odds of raising US interest rates by a quarter of a percentage point in December 2022 rose to 100%, which could add more negative pressure on non-yielding gold.
Returning to trading in other precious metals, silver settled during spot transactions without little change to remain at the level of $46.07 per ounce, and platinum lost 0.6% to the level of $1104.46, while palladium gained 0.2%, recording the level of $2641.93 per ounce.
Professional Trader and Analyst, economist in Financial and Forex market since 2004.holds an MBA from the American University in Egypt. Mohammed works as an economic writer and technical & fundamental analyst for many international Forex and financial trading companies in both English and Arabic on a daily basis.
Ad / Affiliate Disclosure
At BrokerTrending, we go the extra mile to help global investors make informed decisions – investing an obscene amount of time daily in testing and researching online brokers. But how do we keep running? Our partners show their appreciation by rewarding us with paid advertising, So, we have advertising relationships with some of the firms and products mentioned on this website, and may be compensated though a commission if consumers choose to click these links in our content, with no additional cost to you. However, BrokerTrending provides comprehensive material and information tailored to the best interests of customers, compiled through our specialized professional rank method that ensures unbiased results regardless of partner remunerations.