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Gold Price Bottled-Up By Incoming US Data and Risk Barrage


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Gold Price Bottled-Up By Incoming US Data and Risk Barrage

Jul 26, 2022 | DailyFX
Nick Cawley, Strategist

GOLD PRICE (XAU/USD), CHART, AND ANALYSIS

  • FOMC and US data dominate the landscape.
  • Short-term trading range narrows.
  • Retail traders add to their long positions.

Gold is trading in a very tight range since last Friday as traders and investors wait for a rush of heavyweight US economic data, the latest FOMC policy decision, and a deluge of US company earnings that may well set the risk trend for the coming days and weeks. Coming up today, the latest look at US consumer confidence, while in the equity space, Microsoft and Alphabet A+C report, three of the top 10 S&P 500 companies by weighting. Wednesday’s FOMC decision is the main event this week with the market pricing in a 75 basis point rate hike, and post-hike commentary will likely drive the next US dollar move.

GOLD DAILY PRICE CHART – JULY 26, 2022

Gold Price Bottled-Up By Incoming US Data and Risk Barrage

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