COMEX CALL: BUY XAUUSD ABOVE 1750 TARGET 1755 STOPLOSS 1745
On Friday, despite conflicting information on U.S. monetary policy, gold prices remained within a narrow range. XAUUSD is trading in the range of 1751-1757 for the day. Key support area is placed in the range of 1747-1750. If Gold goes below this range, then we can see the level of 1741. While on the higher side, Key resistance is placed in the range of 1761-1765. If Gold goes above this range then it can go up to 1775. The minutes of the Federal Reserve’s July meeting revealed that the majority of members favored more rate increases to reduce inflation, which led to a decline in gold prices on Wednesday. The central bank stated that it will likely continue raising rates at a rapid pace until inflation is well inside its 2% target range, even if it does plan to eventually reevaluate its pace of tightening. Following the minutes, the dollar index and Treasury rates both increased. The Fed raised rates by 0.75% last month, and traders are currently divided over whether to raise rates by 0.5% or 0.75% in September.
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