The "Hawkish" report of the minutes of the FOMC meeting has depressed the price of gold since yesterday's trading session, gold was recorded to have traded closed at the price level of $2,378.
The minutes report has shown that the majority of the Fed committee members have agreed to maintain the existing interest rates, for a longer period.
It follows that the risk of inflation is seen as still worrying.
However, demand for gold, especially in the industrial sector, is seen to remain high. It follows the "semiconductor" sanctions announced by the American president last week against China.
In addition, the report of the main player in the chip industry, namely Nvidia, has jumped up by 268 percent on the release of the report yesterday, at the same time translating that the demand for chips is seen to remain high.
However, the hawkish FOMC sentiment is seen to be still strong in the gold market trading, therefore investors are seen to be looking forward to the US PMI economic data report scheduled for tonight in the redefinition of the FOMC report that was reported earlier this morning.
Technical Analysis
Based on the daily chart, the price level of $2,360 is seen to be the main obstacle before the price of gold continues to trade low to the level of $2,303.
However, if the price of gold trades closed today at the level of $2,360 and is successfully defended, gold is expected to be able to challenge the price level of $2,420 again and then to the level of $2,453 again.
