According to FedWatch Tool, the probability of a rate hike at the next meeting in October has increased to 70.3%. Traders expect that the federal funds rate would be raised by 100 bps by the end of 2027. Expectations of a series of rate hikes put significant pressure on gold that pays no interest.<\/p>\n
U.S. dollar gained some ground against a broad basket of currencies as forex traders focused on developments in debt market. Stronger dollar put additional pressure on gold in today\u2019s trading session.<\/p>\n
I\u2019d note that one of the reasons for the sell-off in gold markets could be technical. The strong pullback in debt markets could have forced investors to raise cash elsewhere, forcing them to sell gold.<\/p>\n
Currently, gold is trying to settle below the support level at $4160 \u2013 $4180. In case gold manages to settle below the $4160 level, it will head towards the next support, which is located in the $4000 \u2013 $4020 range. RSI is in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.<\/p>\n","protected":false},"excerpt":{"rendered":"According to FedWatch Tool, the probability of a rate hike at the next meeting in October has increased…\n","protected":false},"author":2,"featured_media":786001,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[84,35786,36624,59,1568,36625,4609,37057,4608,36627,56,54,55,82489],"class_list":["post-786000","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-commodities","tag-fundamental","tag-gb","tag-gold","tag-home-page-2","tag-platinum","tag-popular-news","tag-silver","tag-technical","tag-uk","tag-united-kingdom","tag-unitedkingdom","tag-vlad_metal_recap"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/786000","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=786000"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/786000\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/786001"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=786000"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=786000"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=786000"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}