Gold registered its 5-week high in today's trading session. The FOMC yesterday caught Gold bears unprepared for the news and the weak U.S. Dollar pushed the yellow metal above $1,140. The biggest impact was felt in the EURUSD where the pair climbed with more than 100 pips to currently trade at 1.1181.
Prices are likely going to trade sideways until the end of the week given the USD Markit Manufacturing PMI (Aug P) turns out to be a non-event.
Current XAUUSD price: $1,139.92
The Gold is likely headed for 1166.20.
ReplyDeleteThe trend is still bullish. Strong rally.
ReplyDeleteGOLD is ALIVE!!!
ReplyDeleteThat is good to know!
ReplyDeleteAfter the devaluation of the Chinese currency, people go back to gold.
ReplyDeleteI agree with that. thank you.
ReplyDelete