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Instrument: GOLD
Bullish Preference:
Buy position is envisaged if price trades above 1987.71 with take profit at 1997.52
Bearish Preference:
Sell position is envisaged if price trades below 1970.99 with take profit at 1960.33
Fundamentals:
2:30pm USD Core PPI m/m
USD PPI m/m
8:00pm USD Federal Funds Rate
FOMC Economic Projection
FOMC Statement
8:30pm USD FOMC Press Conference
Comment:
Gold prices hovered below key levels on Wednesday as markets grew wary of non-yielding assets before the conclusion of the Federal Reserve’s final meeting for the year.
Recent signs of strength in the labor market and sticky U.S. inflation dented expectations that the central bank will trim interest rates earlier in 2024. While the Fed is still expected to keep rates on hold later on Wednesday, its outlook for 2024 remains uncertain.
The central bank is widely expected to keep rates on hold at the conclusion of its final meeting for 2023 later in the day.
But any signals from Fed Chair Jerome Powell on the path of rates through 2024 will be in close focus, especially as markets feared a potentially hawkish outlook from the central bank chief.
Analysis: SCRUM Team
