XAU plunges after FOMC news
Markets are looking ahead to the Federal Open Market Committee (FOMC) meeting, followed by a press conference by Fed Chairman Jerome Powell. Investors are expecting the Fed to cut interest rates by 50 basis points. The CME FedWatch tool predicts a 100% chance of a rate cut in September, with 63% for a 50 basis point cut and 37% for a modest 25 basis point cut. This would be the Fed's first rate cut in four and a half years (since March 2020).
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BUY XAU 2562
TP1: 2570
TP2: 2577
SL: 2454
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.