Update: Gold witnessed another downswing during the early North American session and dropped to $1,775 region, or the lowest level since May 5 in the last hour.
It is worth recalling that the Fed on Wednesday stunned investors and brought forward its projections for the first post-pandemic interest rate hikes into 2023.
This comes on the back of the overnight sustained break below the very important 200-day SMA and sets the stage for additional weakness.
Apart from this, a generally softer tone surrounding the equity markets and a modest pullback in the US Treasury bond yields might hold traders from placing any aggressive bets around gold.
Previous update: Gold price snapped its recovery mode and resumed its downtrend, now flirting with fresh monthly lows just above $1800.
The European traders hit their desks and reacted to Wednesday’s US Federal Reserve’s hawkish surprise, fuelling a fresh leg up in the US dollar across the board.
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The dollar has resumed its gains related to the hawkish Fed meeting on Wednesday, where the bank signaled tapering bond buys and raising rates will come sooner.
The fallout of TITAN token tracks back to Iron Finance and its multi-chain, partially collateralized stablecoin – IRON.
Federal Reserve Chair Jerome Powell did his best to sound equivocal on the US economy, inflation and interest rates, but markets were having none, or at least very little, of it.
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