Gold rose to around $2,030 an ounce on Thursday, hitting its strongest levels in a week as the dollar and Treasury yields weakened sharply after the US Federal Reserve held interest rates steady and signaled three rate cuts in 2024.
Fed officials expect to lower rates by 75 basis points in 2024, more aggressive than indicated in September’s projections, and forecast softer inflation this year and next.
Markets are now pricing in a more than 70% chance of a Fed rate cut in March next year.
Investors now look ahead to policy decisions from other major central banks including the European Central Bank and the Bank of England.
XAUUSD
SELL 2038 - 2036
✔️TP1: 2033
✔️TP2: 2028
🚫SL: 2041
Fed officials expect to lower rates by 75 basis points in 2024, more aggressive than indicated in September’s projections, and forecast softer inflation this year and next.
Markets are now pricing in a more than 70% chance of a Fed rate cut in March next year.
Investors now look ahead to policy decisions from other major central banks including the European Central Bank and the Bank of England.
XAUUSD
SELL 2038 - 2036 ✔️TP1: 2033
✔️TP2: 2028
🚫SL: 2041
