Finance

Famous Analysts Warn: Gold Price May Drop To These Levels!

Gold and silver prices remain high in the US on Wednesday ahead of the most valuable data of the week: Federal Reserve Open Market Committee (FOMC) minutes will be released today at 9:00 pm. As the US dollar index is weaker, the bullish metals in foreign markets are pushing higher today. US Treasury yields are also falling. August gold futures were last trading at $1,808.20, up $14.20, while September Comex silver futures were up $0.326 at $26.50 an ounce. Meanwhile, strategists at Credit Suisse made an assumption about a decline in the price of gold.

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Gold investors await FOMC documents

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Global stocks were strong, albeit mixed – the S&P and Nasdaq are at or near record highs, while US stock indexes point to slightly higher open. Traders await the release of the minutes of the June FOMC meeting, which will be announced Wednesday evening, UK time, as they expect the Fed to gradually tighten monetary policy in the coming months, hoping for clues as to when that will happen. Also, there is growing belief that these FOMC minutes may not be as “hawkish” as some market watchers expect. “Şahin” is a word used for the Fed’s tough stance on monetary policy.

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Credit Suisse: Price metal could drop below $1,755

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While investors are eagerly waiting for the FOMC minutes, according to analysts of the Swiss-based bank and financial company, gold (XAU/USD) is holding a valuable in-range reinforcement at $1.765 and $1.755. Strategists at Credit Suisse are looking for a fresh rise in the range. Analysts said, “Gold held the price reinforcement at $1,765 – $1,755 and we are looking for strength at $1,829, the 200-day average. A close is needed here to open the door for a return to more valuable resistance at $1,940 – $1,966. A close below $1755 – $1,751 will caveat to retesting a more valuable foothold at $1,682 – $1,671.” For more gold news Cryptocoin. com “Famous Manager Announced His Expectations for Gold Prices!” Check out our article.

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