Gold Price Forecast: XAU/USD trades volatile around $1920-$1930 post Fed 25 bps hike Gold XAUUSD Metals Macroeconomics
is trading volatile but above its opening price, at around the $1920-$1930 range.In its monetary policy statement, Fed officials voted unanimously to raise rates by 25 bps, emphasizing that additional rate hikes would be appropriate, pushing against the financial market’s expectations for a Fed pivot.
Policymakers acknowledged that inflation has “eased somewhat but remains elevated.” The Fed added thatpoint to modest growth in spending and production and commented that the labor market remains robust. Officials added, “in determining the extent of future rate hikes, it will take into account cumulative tightening, policy lags and economic and financial developments.”
Fed officials commented that future rate hikes would be in 25 bps increments, dropping the reference to the “pace” of additional rate hikes. Now that the Fed’s decision is in the rearview mirror, traders prepare for the Federal Reserve Chair Jerome Powell’s press conference at around 19:30 GMT., In its initial reaction, the XAU/USD edged towards the daily pivot, though slightly above it, around $1920, and pushed upwards, clearing the 200, 100, 50, and 20-Exponential Moving Averages .
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