The price of Gold is still trading with extremely low volatility at the level of $1,780 per ounce.
The asset experienced the biggest daily drop in five months after the Fed unexpectedly warned about tightening monetary policy on June 16. But Central Bank Chairman Jerome Powell said that inflation will not be the only determining factor when making decisions on interest rates. In the US, the growth of consumer spending stopped in May, and the Fed's main inflation indicator rose the most in 29 years. On Friday, after the release of the data, Gold prices rose by 0.8%.
The S&P 500 and Nasdaq indexes again reached record levels, limiting the growth of Gold. The prospects for a strong release of the US employment market this week may also restrain the positive momentum of Gold. In this context, Gold has not yet fully recovered from the crisis and retains some potential to fall to the support of $1,730 per ounce.
The dynamics of the coming weeks will play a decisive role for the formation of a medium-term picture on the Gold market and promises to provide more complete information about the possible future trajectory of price movement. Now we need to monitor any technical signs of the formation of a key bottom.
Forex trading. Gold signals for today, June 29, 2021
The forecast expects the Gold price to strengthen to the levels of 1785, 1790 and 1800 Dollars per ounce.