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XAUUSD Dipped in Tuesday’s Session Ahead of Fed Rate Hike Expectations
Summary:
XAUUSD plummeted during the European session on Tuesday afternoon. Gold is still under pressure due to the high expectation of the Fed interest rate hike, and the price now is $1806.8.
CLOSED
1810.00
Entry Price
1800.00
TP
1817.00
SL
2629.47 -19.86 -0.75%
70.0
Pips
Loss
1800.00
TP
1817.11
Exit Price
1810.00
Entry Price
1817.00
SL
Fundamentals
During the European session, XAUUSD largely dropped. Spot gold fell to 0.68% at $1804.63, the lowest since last December.
Gold prices slipped on Tuesday, and could touch the biggest monthly drop since June 2021, as "Fed rate hike expectations" weakened the attractiveness of non-yielding assets.
At present, the market seems to continue to digest these expectations. In addition, some important economic data such as this month's CPI and non-farm payrolls data will be released in the near future, which is expected to keep gold under pressure.
Strong economic data indicate that the U.S. economy was resilient, prompting some Fed policymakers to support further interest rate hikes to curb inflation. “I didn’t believe that inflation can quickly fall to the Fed's 2% target and the PCE price index was still rising", Fed Governor Jefferson said on Monday.
Technical Analysis
The U.S. 10-year Treasury yield rebounded, gaining 0.79% at 3.951%. The hawkish tone of Fed officials was the main reason for the increase in the U.S. federal interest rates, which also put gold under pressure.
The dollar index largely fell during the European session and prices dipped again at this stage after gaining momentum. The nearest support was at 104.2 and 104.4 is now becoming a new resistance. As the momentum of interest rate hikes remains strong, the dollar may test the support level to regain.
XAUUSD was volatile during the European session and the price fell to $1804.787, then rose again and is now at $1809. Gold slipped due to the Fed’s rate hike, investors can digest the data before it is released, proving that the market is quite optimistic about the expectations for a stronger dollar and gold will continue to decline under pressure.
Trading Recommendations
Trading Direction: Short
Entry Price: 1810
Target Price: 1800
Stop Loss: 1817
Support: 1804-1806
Resistance: 1817-1820
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