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live commentary Post
Back to Live CommentaryGold price edges down amid firm US Dollar ahead of Fed policy meeting
By TradeRadius | Wed, 20 Mar 2024 13:34:20 UTC
Gold price (XAU/USD) remains under pressure in Wednesday's early American session as investors await the Federal Reserve’s (Fed) monetary policy decision, which will be announced at 18:00 GMT. The Fed is expected to maintain interest rates unchanged as the victory against stubborn United States inflation is still out of sight. Investors will keenly focus on the Fed’s dot plot and economic forecasts, which will indicate interest rate projections and the outlook on the US economic performance, respectively.
Market participants will also pay attention to Fed Chair Jerome Powell’s press conference to get cues about the timing of rate-cuts. Currently, expectations for the Fed lowering interest rates in the June meeting have eased somewhat. Fed policymakers said they want to see inflation easing for months as evidence to confirm that price growth will return to the 2% target. However, inflation data for the first two months of 2024 signaled that price pressures remain sticky.
Meanwhile, 10-year US Treasury yields have come down gradually to 4.28% from their three-month high of 4.35%. A hawkish Fed guidance would increase yields on Treasury bonds. Ahead of the Fed, the US Dollar Index (DXY) continues its winning spell for the fifth trading session as stubborn inflation pressures have cast doubts over the Fed’s prior three rate-cut projections for this year.
Daily digest market movers: Gold price drops as US Dollar strengthens
Technical Analysis: Gold price drops to near $2,150
Gold price falls after facing stiff pressure near the crucial resistance of $2,160. The precious metal trades inside Tuesday’s trading range. it is likely to break the consolidating trend after the Fed’s policy meeting.
The precious metal may continue its downside towards the 20-day Exponential Moving Average (EMA) at $2,097. After a wide divergence, the asset tends to face a mean-reversion move, which results in a price or a time correction.
On the downside, December 4 high near $2,145 and December 28 high at $2,088 will act as major support levels.
The 14-Relative Strength Index (RSI) retraces from its peak near 84.50, although the upside momentum is still active.
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