Gold found local support around $1415. Here the chart touched the line of a medium term uptrend, which resulted in getting over the $1423 level. The asset has been trading in the 60-dollar price channel since mid-Juny, showing a clear uptrend. And since late June, gold has been growing with the growing US dollar.
Traders expect the Fed to cut the rate by 25 basis points at a meeting on July 30-31. Donald Trump also calls for lower interest rates. On Friday, he accused the Federal Reserve of having a “faulty thought process.” Some analysts believe that after the September meeting the rate will be 50 basis points lower than now. For the Fed, a “period of silence” began when its representatives did not make public statements before making a decision on monetary policy, leaving the markets without further signals regarding interest rates.