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19 December 2024,02:40
Trade Of The Day
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19 December 2024, 02:40
* Hawkish Note: Gold prices have dropped against the dollar as Federal Reserve Chairman Jerome Powell signaled a hawkish outlook following a rate cut and a shift in projections toward a less dovish stance. The Fed reduced interest rates by 25 basis points, bringing them to a range of 4.25%-4.50%. However, the decision was not unanimous, with Cleveland Fed President Beth Hammack voting to hold rates steady. Chair Powell suggested that the Fed might proceed more cautiously with future policy adjustments, highlighting that current policies are less restrictive. He stressed that inflation risks remain skewed to the upside, which influenced adjustments in the dot plot. In response to the data, traders viewed the rate cut as hawkish, pricing in only 100 basis points of easing over the next two years.
* Technical Breakout: Gold price was traded lower following prior breakout below the previous support level 2620.00. MACD which illustrate bearish momentum signal suggest the commodity to likely extend its losses.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 2540.00. Conversely, a potential reversal is also to be expected and the price could head back towards 2707.00 after it breach back above the level 2620.00.
Looking ahead, investors will turn their attention to key U.S. data, including the Core PCE Price Index, set to be released later on Friday.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US data, central bank updates and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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27 December 2024, 02:21 Euro Falls in Light Holiday Session, Dovish ECB Outlook
26 December 2024, 02:15 Yen Falls Further Amid BoJ Uncertainty on Rate Hikes
24 December 2024, 02:10 Australian Dollar Struggles Following RBA Meeting Minutes
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