Gold’s Glitter Fades: Why the Fed’s Next Move Could Shatter Your Bullion Bets
Gold’s been on a steady climb, hasn’t it? With the July Consumer Price Index ticking right in line with expectations, it’s like the market’s whispering, “Hey, Fed Chair Warsh might just play it safe.” Prices are flirting near $4,434 an ounce, nudging up to resist just shy of $4,500, and here’s the kicker—Bart Melek from TD Securities reckons gold’s hanging tough near that upper tier of a freshly elevated range. But don’t go popping the champagne yet; a major breakout toward $5,000? That’s still a stretch—too soon to call it. What’s holding gold back? The Fed’s rate decisions, or rather the hesitation to hike, are the invisible leash keeping gold in check. So, the real question is—will gold break free and sprint to the moon, or stick to its cautious dance near $4,500? Only time—and a dash of inflation drama—will tell. LEARN MORE
TD Securities’ Bart Melek notes Gold extended gains after the July Consumer Price Index (CPI) matched expectations, reinforcing a dovish narrative around Fed Chair Warsh. With prices near $4,434/oz and resistance just below $4,500/oz, Melek sees Gold staying near the upper end of a higher trading range. However, he argues it is still premature to call for a breakout toward $5,000/oz.
Fed path keeps gold contained
“With upside momentum driving prices to $4,434/oz and CTA buy triggers sitting near $4,468/ oz, the yellow metal may soon challenge resistance just below $4,500/oz.”
“A decisive move above that level would likely require stronger confirmation that the Fed will not raise rates this year.”
“As a result, gold will likely remain near the upper end of its current trading range, which has shifted meaningfully higher since July, though it is still too early to call for a breakout toward $5,000/oz.”
“Until then, if it happens at all, the gold market should stay in the upper bound of the recent higher trading range.”
“If no new inflation pressures materialize, gold is off to the races and a 5-handle is a very real possibility.”
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
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