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Gold - Long Post FED

Jul 30, 2021

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Gold - Long Post FED by KQMarkets on TradingView.com

Commentary

Gold has continued it's upward momentum and consolidated above resistance at $1821 after yesterday's FED meeting. Powell gave no indication on when the FED would start tapering or to what extent as despite progress with regards to employment and inflation goals it was suggested that additional improvements would be required.

This led to Gold surging and we believe the precious metal could move higher and reach multi month highs about $1900 in the coming weeks. Today GDP growth rate came in at 6.5% vs 8.5% forecast and initial jobless claims came in at 400K vs 380K forecast.

Additionally, tomorrow we await PCE price index and Michigan consumer sentiment for any significant price action.

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