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Gold prices pared some of its gains after the hawkish Fed. It hit a high of $2942 yesterday and currently trading around $2891.
Federal Reserve Interest Rate Position. Congressman Jerome Powell emphasized the economy's strength by stating that the Federal Reserve is not in a hurry to cut interest rates. He stated that the policy position is much more flexible now than it was previously.. Economy, there isn't a need to change the monetary policy immediately. Key Points from Powell's Testimony. Given the economy's stability and inflation levels above the Fed's 2% target, Powell said there isn't any reason for cutting interest rates. Additionally, he stated that the economy is still expanding and that Powell's cautious statements have led to an uptick in USDJPY prices.
Rate Pause Sentiments Climb
According to the CME Fed Watch tool, the chances of a rate pause on the Mar 19th, 2025 meeting have increased to 95.50% up from 83% a week ago.
Technical Analysis: Key Levels and Trading Strategy
Gold prices are holding above the short-term moving averages of 34 EMA and 55 EMA and long-term moving averages (200 EMA) in the 4-hour chart. Immediate support is at $2875 and a break below this level will drag the yellow metal to $2850/$2830/$2800/$2770/$2740. The near-term resistance is at $2920, with potential price targets at $2945/$2957/$3000. It is good to buy on dips around $2850 with a stop-loss at $2830 for a target price of $2955.
