Commodities Analysis by Investing.com (Barani Krishnan) covering: XAU/USD, US Dollar Index Futures, Gold Futures, SPDR® Gold Shares. Read Investing.com (Barani Krishnan)'s latest article on Investing.com
, which is more closely followed than futures by some traders, reached a one-month high of $1,953 on Sept 1, clinging to that support.
“A move below $1,900 could be a very bearish move, at which point the August lows would be very interesting not too far away,” said Craig Erlam, analyst at online trading platform OANDA. “Of course, we could simply see further consolidation and we have seen some support today around $1,900 but it's certainly looking vulnerable.”, shot to fresh 16-year highs on Tuesday, reaching peaks not seen since July 2007. Meanwhile, the Dollar Index got to highs not visited since November 2022.
“We are prepared to raise rates further, if appropriate," Powell said."The fact that we decided to maintain the policy rate at this meeting doesn't mean we have decided that we have or have not at this time reached that stance of monetary policy that we are seeking." Futures of the Dollar Index, or DXY, have maintained their robust uptrend to cross above the May high of 104.70 without any significant resistance. In fact, it has continued to advance, crossing smoothly well above 38.2% Fibonacci level of 105.39 to reach 106.10 That has propelled it to highs last seen in November 2022.“As long as the Dollar Index maintains strength and stability above the Fibonacci level of 105.39, the path remains open for it to reach its next overhead resistance 107.
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