It is almost certain that the Fed will not reduce interest rates during the ongoing meeting. However, investors wait for statements from Fed Chairman Jerome Powell to find clues about US monetary policy.
Currently, the spot gold price is still above the threshold of 2,150 USD/ounce. This was the resistance level during the strongest price increase in December 2023.
However, precious metals were affected by information about home construction activities in the US skyrocketing 10.7% in February. This is a signal that the US economy is quite stable and the Fed may further delay the decision to cut interest rates.
The USD hanging at a high level will negatively affect gold.
Currently, the spot gold price is still above the threshold of 2,150 USD/ounce. This was the resistance level during the strongest price increase in December 2023.
However, precious metals were affected by information about home construction activities in the US skyrocketing 10.7% in February. This is a signal that the US economy is quite stable and the Fed may further delay the decision to cut interest rates.
The USD hanging at a high level will negatively affect gold.
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DOWN
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BUY +120pips
