Gold
Gold’s is poised for a third straight weekly advance as Wall Street anticipates the Fed could be done with their rate hiking cycle after next week.
A strong labor market however keeps the risk for more tightening to occur in the fall, so gold isn’t quite ready to make a move back above the $2000 level. The FOMC decision will be key for gold and could trigger a corrective move below the $1,960 level if the Fed decides to keep optionality on the table for September. If Powell is able to signal that it seems they are done tightening, gold may attempt to capture the $1980 level, with $2,000 being a major psychological barrier.
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