. “Gold will fluctuate based on rate-hike expectations, perhaps in the $1,680-$1,820 range in the near future.”
“Powell’s statements were quite hawkish and since there was no dovish pivot, gold will continue to face pressure as it will have to deal with higher interest rates,” Philip Streible, chief market strategist at Blue Line Futures in Chicago,“Gold needs to capture $1,800 in order to gain its momentum, otherwise $1,740s is key level support,” Streible added.
Prior to Powell’s speech, investors saw the odds of a half-point or another three-quarter point hike at the Fed’s September 20-21 gathering as roughly even. They remained in that vicinity after he spoke, but the amount of reductions in fed rates priced for 2023 briefly retreated. The Fed chair said that the central bank’s decision at the September meeting “will depend on the totality of the incoming data and the evolving outlook.”
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