Gold price is now trading near the 100-hour moving average line-
The US interest rate rose by a quarter of a point, as expected by the Federal Reserve Bank, the bank's policy statement and the bank's Governor Jerome Powell's vague statements to the markets regarding the future of raising the US interest in the coming months.
It was then reported that the US economy surprisingly accelerated to a 2.4% annual growth rate from April through June, showing continued resilience in the face of steadily rising interest rates resulting from the Fed's 16-month battle to lower inflation. The US Commerce Department estimated that gross domestic product - the total economic output of goods and services - rebounded from the 2% growth rate in the January-March quarter. Growth in the most recent quarter was well above the 1.5% annual rate that economists had expected. The growth in the past quarter was driven by a rush of business investment. Excluding housing, business spending rose at an annual rate of 7.7%, the fastest pace since early 2022.
In the long term, and according to the performance on the daily chart, it appears that the gold price is trading within aThis indicates a significant long-term bullish bias in market sentiment. Therefore, the bulls will target long-term profits at around $1983 or higher at $2083 an ounce. On the other hand, the bears will target potential pullbacks around $1931 or lower at $1901 an ounce.
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