The U.S. dollar index fell and spot gold prices rose, hitting a record high of $2,222.65 an ounce after the Federal Reserve largely maintained the policy outlook adopted in its summary of economic forecasts three months ago at its March meeting.
The Fed kept borrowing costs at current levels at its March meeting and reiterated its outlook for a 75 basis point rate cut in 2024. Wall Street breathed a sigh of relief amid fears of a hawkish outcome amid rising inflation risks.
The main takeaway from the FOMC meeting was: Nothing really has changed for the Fed; plans to cut interest rates this year are still on track, and the process of slowing quantitative tightening is quickly approaching, with Powell saying tapering could begin "soon." Gold can better maintain its upward momentum in the second quarter, and prices may set new historical records.
At present, gold is in the stage of At present, gold is in the stage of consolidation after rising high, and the short-term rise will continue in terms of both fundamentals and technical aspects. Due to the rapid rise, the candle line is far away from the moving average, so it is currently repairing the gap. Next, you can focus on the $2190-2195 range. If the price falls back to this range, you can try to buy a long position.The take-profit price is temporarily set at around $2,220 above.
The Fed kept borrowing costs at current levels at its March meeting and reiterated its outlook for a 75 basis point rate cut in 2024. Wall Street breathed a sigh of relief amid fears of a hawkish outcome amid rising inflation risks.
The main takeaway from the FOMC meeting was: Nothing really has changed for the Fed; plans to cut interest rates this year are still on track, and the process of slowing quantitative tightening is quickly approaching, with Powell saying tapering could begin "soon." Gold can better maintain its upward momentum in the second quarter, and prices may set new historical records.
At present, gold is in the stage of At present, gold is in the stage of consolidation after rising high, and the short-term rise will continue in terms of both fundamentals and technical aspects. Due to the rapid rise, the candle line is far away from the moving average, so it is currently repairing the gap. Next, you can focus on the $2190-2195 range. If the price falls back to this range, you can try to buy a long position.The take-profit price is temporarily set at around $2,220 above.