GOLD BUYGold maintains its daily gains around $3,300
After retreating markedly on Wednesday, Gold rebounds moderately and remains positive at about $3,300 per troy ounce on Thursday. The precious metal’s rebound comes in response to the daily retracement in US yields across the curve and the so far irresolute price action in the Greenback
The US Federal Reserve kept its benchmark interest rate unchanged for the fifth consecutive meeting, in a range of 4.25% to 4.5%, despite intense pressure from US President Donald Trump and his allies to lower borrowing costs. The decision, however, met opposition from Fed Governors Michelle Bowman and Christopher Waller. This was the first time since 1993 that two governors had dissented on a rate decision.
In the accompanying monetary policy statement, the committee had a more optimistic view and noted that the economy continued to expand at a solid pace. Adding to this, Fed Chair Jerome Powell said during the post-meeting press conference that the central bank had made no decisions about whether to cut rates in September. This comes on top of the upbeat US macro data, and lifted the US Dollar to a two-month high.
Automatic Data Processing reported that private payrolls in the US rose by 104,000 jobs in July, following a revised 23,000 fall recorded in the previous month. Adding to this, the Advance US Gross Domestic Product (GDP) report published by the US Commerce Department showed that the economy expanded at a 3.0% annualized pace during the second quarter after contracting by 0.5% in the previous quarter
SUPPORT 3,346
SUPPORT 3,328
SUPPORT 3,309
RESISTANCE 3,283
RESISTANCE 3,273
