USD Bearish Against Gold Bullish After the FED Rate Decision

WikiFX News (30 July) - At 2:00(GMT+8) this morning, the FED released the latest decision, which keeps the interest rate in the range of 0% to 0.25%. DXY extends its loss after the decision.

The FED stated that the rate will be kept there until the economy has recovered from the crisis and is on track to achieve the goals of maximum employment and price stability. It also pledged to use full range of tools to support the economy.

After the decision, DXY continued falling and bottomed a fresh low since June 2018. On the other hand, gold rallied to the Tuesdays level of 1981. Currently, gold prices are possible to find a new high and move upward to the 2000 psychological level in future trading. Traders should beware of the volatility in gold prices as there has occurred a breakthrough.

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