Gold slides toward $4,880 as Fed hawkish hold crushes rate cut bets
Silver and platinum have also found themselves under strong pressure.
Gold crashes below $4,900 as hot PPI, Oil spike fuel USD rally
The gold market has broken below the $5,000 level early on Wednesday as we wait for the long parade of central bank decisions.
The precious metal has been grinding all week around the $5000/oz mark and has finally made its move. This leaves market participants with an interesting conundrum, is it another buy the dip opportunity or is gold at risk of freefall?
Gold (XAU/USD) slides 2.3%, aggressively testing the $5,000 psychological support ahead of the FOMC meeting. Will a hawkish Fed trigger a freefall, or is this a discount opportunity?
Gold has seen another $100 sell off as price action remains subdued. With oil also failing to break higher, have traders realised to no longer buy the rumour?
Gold slides to a fresh monthly low ahead of the Fed decision
Gold price holds near 50-day MA as traders await Powell's press conference. Gold market direction hinges on Fed guidance and geopolitical risks.
XAU holds the $5,000 floor ahead of the FOMC decision. Will a hawkish Fed crush the war premium or spark a fresh rally?
The market is fixated on the threat of accelerating inflation driven by high energy prices. As a result, central banks are expected to adopt a tighter monetary policy, keeping rates at high levels or even raising them.
Gold managed to fall below the support of 4996 and managed to print a low around 4967. As we see from the previous chart, a chance for a trading zone between support 4960 and resistance 5065 could hold the market.