the hawkish monetary policy of central banks may lead to downward pressure on gold prices. The US Dollar’s performance is dependent on data, and despite a decrease in inflation, it remains relatively high due to a strong job market.
The US equities market is expected to continue its strong performance due to improved sentiment and optimism regarding interest rates. The Bank of England aims to balance potential recessions and interest rate hikes for the British Pound.
The technical forecasts indicate a bullish trajectory for USD/JPY and EUR/JPY, optimism for crude oil, a weakening of the euro, positive prospects for Bitcoin despite challenges, and range trading environment for the Australian Dollar.
Asian stocks are expected to open positively, with focus on PMI data and China’s economic conditions. The AUD/USD pair is influenced by the RBA meeting and Australia’s inflation data.
Gold prices are starting the week quietly due to the strength of the US dollar. The market is waiting for US economic data and the Federal Reserve’s decision on interest rates. There is a possibility that gold prices could drop below $1900.
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