⭐️GOLDEN INFORMATION: The general expectation is that the US central bank will maintain the existing conditions and keep interest rates unchanged after their two-day meeting on Wednesday. As a result, the focus of the market will be on the accompanying monetary policy statement and the updated economic projections. Following this, there will be a press conference held by Fed Chair Jerome Powell, which will be closely analyzed for any confirmation of a shift in policy stance. Currently, the markets are anticipating the possibility of at least four 25 basis point rate cuts by the Fed in 2024. Therefore, if there is a more cautious approach, it will put significant pressure on the US Dollar and cause an upward movement in the price of Gold, which does not yield interest.
⭐️Personal comments NOVA: Both technical factors and economic data are not supporting the uptrend of Gold, still under SELL pressure.
⭐️Technical analysis: Based on technical indicators EMA 34, EMA89 and support resistance areas to set up a reasonable SELL order.
⭐️NOTE: Note: Nova wishes traders to manage their capital well - take the number of lots that match your capital - Takeprofit equal to 4-6% of capital account - Stoplose equal to 2-3% of capital account - The winner is the one who sticks with the market the longest
Comment
Prices continue to move below 1980 and are showing a more obvious downward trend
Comment
The market has somewhat lowered its rate cut expectations again. And indeed we also believe that the market’s expectations of a first US rate cut as early as the spring are somewhat premature; we do not envisage any such step until at least mid-year.
Further headwind for the Gold price is looming if the US Federal Reserve were to drive interest rate expectations down even further at its meeting today.
Comment
After PPI news, prices showed border congestion in this area, there has not been much change compared to the Asia-Europe session, waiting for the FED meeting
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