Gold price sees correction to near $1,710, upside looks likely ahead of US PMI – by Sagar_Dua24 Gold XAUUSD Fed ECB Inflation
unexpectedly announced a rate hike by half a percent vs. expectations of 25 bps. Credit goes to the soaring price pressures which forced the ECB policymaker to feature a jumbo rate hike. Earlier, ECB Large in his testimony guided that the ECB is interested in elevating interestThe major factor behind the firmer recovery in gold prices is the fallingafter the interest rate hike by the ECB for the first time in the past 11 years.
For more upside, the gold bulls need to surpass Monday’s high at $1,723.97, which will drive the asset July 14 high at $1,733.68, followed by July 13 high at $1,745.49. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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