Forex how to trade gold

                                                                  Forex how to trade gold

                     Forex how to trade usd and gold，At the beginning of the Asian market on Tuesday (September 13), spot gold fluctuated within a narrow range and is currently trading around US$1,722. The US dollar continued to retreat and weaken to a two-week low, which continued to provide gold prices with rebound momentum, and short-term bullish signals increased. This trading day ushered in the heavy US CPI data in August. The market generally expects that inflation growth will slow down, which may ease the pressure on the Fed to raise interest rates after September, and is expected to provide further upward momentum for gold prices. However, interest rate futures showed that the probability of the Federal Reserve raising interest rates by 75 basis points in September rose to 93%, which made gold bulls still have scruples.

  forex trader David Meger, head of metals trading at High Ridge Futures, said ECB officials had signaled further rate hikes to control inflation, which supported the euro and weighed on the dollar, contributing in part to some of the strength in the gold market.

In the short-term, the price of forex gold is still suppressed by the 21-day moving average. At present, the resistance is near 1731.20. If it can break through this resistance, the market outlook is expected to test the resistance near the 55-day moving average at 1746.46. Before topping the 21-day moving average, it is still necessary to beware of the risk of gold prices returning to the downtrend.

Contact me for more gold information

Open an EXNESS account