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XAUUSD - Thanks to the recession, will gold set new highs?

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World gold prices in the early trading session of the week hit the lowest level in 4 weeks after US Federal Reserve Governor Michelle Bowman said that additional interest rate hikes are needed to bring the end to the 2% target. Although recent data suggest that playback times are slowing, more evidence is needed, Bowman says. In addition, Fed officials Raphael Bostic and Austan Goolsbee analyzed recent jobs data and suggested that the labor market is improving in good faith, which may prompt the Fed to reconsider how long it should stay in place. maintain high current rate at. The Fed's "hawkish" commentary discouraged the first base price introduction in the metals market.

The German bank is bullish on gold, noting that gold can still move higher later this year and throughout 2024. Commerzbank's head of commodities research says that, despite its predictions, "Economy thinking" has been introduced in 2024, but the increase is clearly slowing down.

According to the CME FedWatch Tool, schools see an 86.5% chance the Fed will keep rates unchanged in the 5.25% to 5.50% range. Markets predict the nearly 62% probability of interest payments will be flat through the end of the year.

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✅ TP1: 1937
✅ TP2: 1942

🛑 SL: 1924

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The biggest hurdle for gold prices is still the "hawkish" stance of the Fed. Despite the growing threats to the US economy, the Fed still doesn't have an answer on when to end its austerity cycle. That's why, experts say, gold will still wonder until the economic picture becomes clearer.

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