Before the FOMC meeting, some traders sold gold to take profits. However, after the meeting, gold prices started to rise again.
As expected, the FOMC decided to keep interest rates the same. They also kept their forecast of two interest rate cuts within this year. However, they lowered their economic growth outlook and raised their inflation forecast. This created concerns about a possible recession, leading to increased gold buying.
At the same time, Russia agreed to a temporary ceasefire with Ukraine, but they did not reach a full agreement. This uncertainty made investors buy gold as a safe option, pushing its price to a new high.
Gold continues to follow an upward trend and is moving along the upper limit of the Bollinger Bands, showing strong upward momentum.
Gold/Dollar Price Range Prediction: 3070 – 3023
Note: This information does not guarantee profits. Please make your own decisions when trading.