💰 $XAUUSD consolidates its recent losses to the lowest level since July 7 🌐 China's economic woes and geopolitical risks support the metal 💵 Bets for one more rate hike by Fed underpin the $USD and cap the Gold Full forecast ⏩ Forex Commodities
l, or the lowest since July 7 touched during the Asian session. The fundamental backdrop, meanwhile, seems tilted in favour of bearish traders and supports prospects for an extension of over a three-week-old descending trend.
Meanwhile, China has condemned Taiwan Vice President William Lai's sensitive trip to the United States . Lai is officially making only transit stops on his way to and from Paraguay. China, however, sees it as a further sign of the US support for Taiwan and announces an anti-dumping tariff for polycarbonate imported from Taiwan effective from August 15.
Against the backdrop of a moderate increase in consumer prices in July, the data suggested that the battle to bring inflation back to the Fed's 2% target is far from being won. The outlook keeps the door for one more 25 basis points Fed rate hike move by the end of this year wide open, which continues to push the US Treasury bond yields and act as a tailwind for the USD.
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