The price of gold is now $2157
From a gold technical perspective, the relative strength index (RSI) remains bullish and gold prices await confirmation of a bullish flag pattern.
Focus on Fed rate decision and Powell press conference
The U.S. Federal Open Market Committee (FOMC) will announce its interest rate resolution and summary of economic expectations; Federal Reserve Chairman Powell will hold a monetary policy press conference.
Gold market traders are closely watching the Fed's projected dot plot on the future path of interest rates, as well as comments from Fed Chairman Jerome Powell on the prospects for rate cuts.
It's the calm before the storm of the Fed's interest rate decision, and gold traders are turning to the sidelines to avoid making any new position bets. Markets are turning cautious as tensions rise ahead of the Fed's decision, eager for new hints on the timing and magnitude of the Fed's first interest rate cut this year.
The market's current expectation for the Fed to cut interest rates in June is only about 60%. Although the Fed's December dot plot predicted three rate cuts, it remains to be seen what the Fed's prospects for rate cuts will be. It is also worth noting that comments from Federal Reserve Chairman Jerome Powell at the press conference after the policy meeting will have new implications for the dollar and gold prices.
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Gold price breaks through $2,180
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Gold prices fluctuate at $2,185