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Asset Watch
Wednesday, September 20, 2023
Market participants are anxiously awaiting the Federal Open Market Committee (FOMC) meeting today to gain more clarity regarding the central bank’s monetary policy. While there is a consensus among investors that no rate hike will occur in this session, they are keen on closely observing the Fed’s economic projections concerning inflation and growth in the upcoming months and years. Additionally, they will be looking for any alterations in the members’ outlook on interest rates compared to the previous dot plot.
The recent surge in the US dollar can be attributed to the market’s strong belief that US interest rates may remain elevated for an extended duration. Consequently, investors will pay close attention to the Chairman’s press conference, hoping to glean any hints about the potential of rate cuts in 2024.
Chart source ADSS Platform
On September 14, the gold fell to a muti-week low at $1901/oz then rallied after on taking profit operations however, the bullish move did not get any momentum. Yesterday, the price closed below the 50-day moving average indicating that the price may fall further. Therefore, the precious metal could be on the way for a test of 1911. However, the support level located at the 200-day simple moving average should be kept in focus. A daily close below that level could send the price even lower towards 1890.
On the Other hand, a daily close above 1933 could embolden bulls to rally the price further towards 1949.
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