17 July
Gold and silver market news
Gold Prices Rise on Inflation Expectations
Spot Gold prices experienced a slight decline on Friday but remained poised to achieve their most significant weekly increase since April. This upturn follows indications of a deceleration in U.S. inflation, which have raised expectations that the Federal Reserve will pause its interest rate hikes after this month.
Earlier this week, Bullion reached its highest level since June 16, driven by data revealing the smallest year-on-year increase in U.S. consumer prices in over two years. This development led to speculation that the Federal Reserve might soon conclude its cycle of raising interest rates.
Federal Reserve Governor Christopher Waller expressed his reluctance to declare an end to inflation concerns and expressed support for rate hikes later this year, aligning with the sentiment conveyed in the minutes of June’s Federal Open Market Committee (FOMC) meeting.
From a technical perspective, the next significant upward movement in gold prices would only occur if the yellow metal closes above 1965. In the meantime, downside support levels are positioned at 1946 and 1938. The slope of the Relative Strength Index (RSI) remains upward, although the indicator itself encounters resistance at 60.
Please note that if prices remain above 1935, there is a possibility of reaching 1965 again by the end of this week.
