Commodity Trade Mantra

Posts Tagged ‘Rate Hike Speculation’

Gold Prices Soften While Fed Officials Hard-Sell Rate Hike Hopes

Gold prices corrected gently lower after testing trend line resistance set from early July. Near-term support is at 1333.62, the 23.6% Fibonacci retracement. Fed officials may rekindle volatility via bits of guidance before the pre-FOMC meeting blackout period. Hawkish overtones may boost rate hike speculation, boosting the US Dollar and weighing on gold prices.

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