The US dollar was negatively affected by yesterday's announcement by the US Federal Reserve, which helped the gold price to rebound upward towards the $1982 resistance level- Forecast Forex
The decision to raise interest rates came as the Federal Reserve noted that inflation remains high, while US economic activity is growing at a moderate pace and job gains have been solid in recent months.
The US central bank added that it remains very alert to inflation risks and confirmed that it is firmly committed to returning inflation to its 2 percent target. The Fed's statement also acknowledged that tighter credit conditions for households and businesses are likely to affect economic activity, employment and inflation, but noted that the extent of these effects remains uncertain.
In his post-meeting press conference, Fed Chairman Jerome Powell said the central bank could raise interest rates again in September or remain steady, indicating the central bank's plans for a meeting-by-meeting approach.
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