With a 10-day high in the dollar early today and a fresh new low for the move in August gold, the market briefly entered a gap left from early March starting at $1910.50 and ending at $1908.90.
Apparently, the gold and silver trade saw the hawkish dialogue from the US Federal Reserve chairman yesterday as more convincing than the hawkish dialogue from other major central bank leaders as money flowed toward the dollar after the conference ended for the day.
Nonetheless, the consensus among world central bankers was two or "more" interest rate hikes were likely ahead. With the word "more" included the US Fed President opened the door for something more than 2 minor interest rate hikes this year as previously indicated...[MORE]
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