Gold is under strong pressure from the world's currency

Beyond the Fed, focus this week is also on interest rate decisions from the European Central Bank (ECB) and the Bank of Japan (BOJ). The ECB is widely expected to hike interest rates by 25 bps later in the day.

While the BOJ is expected to hold ultra-low rates and maintain its dovish policies on Friday, a minority of traders are also positioning for a potential hawkish surprise from the Japanese bank, given that inflation is trending above its annual target.

Rising interest rates bode poorly for metal markets, and are expected to limit any major gains in gold this year. The Fed also downplayed the prospect of a rate cut this year, pointing to continued pressure on metal markets from U.S. rates remaining at their highest level in 22 years.

Other precious metals also advanced on Thursday, benefiting from a weaker dollar. Platinum futures rose 0.1%, while silver added 0.4%.

XAUUSD BUY 1960 - 1962💯💯

✅ TP1: 1965
✅ TP2: 1970
✅ TP3: 1975

🛑 SL: 1957