0 Lawrence McOchillo Posted July 9, 2019 Author Share Posted July 9, 2019 Quote Link to comment Share on other sites More sharing options...
0 Lillian McKenna Posted July 9, 2019 Share Posted July 9, 2019 Gold prices today fell below the crucial $1,400 level as investors sold the yellow metal in anticipation of Jerome Powell’s speech as it would shed light on the Fed’s current stance and the likelihood of a rate cut at the next monetary policy meeting. Han Tan, an analyst at FXTM issued a note saying: “Gold traders are undecided about keeping prices sustainably above $1,400, even as bullion endures its steepest moves since 2016.” Investors are waiting for clues on the Fed’s policy direction going forward. The minutes of the last Federal Open Market Committee (FOMC) meeting are set to be released tomorrow and investors will be looking for clues as to whether the Fed is going to cut rates or whether it is staying put at the moment. Therefore, it is highly likely that activity in the gold sector will remain subdued until the Fed minutes are released before either rallying or falling depending on the FOMC’s outlook on the economy and future rate decisions. Quote Link to comment Share on other sites More sharing options...
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