Gold prices fell due to the “Deep Seek” shock yesterday. However, ahead of the early morning FOMC meeting, some traders adjusted their positions, causing prices to recover slightly.
At the FOMC meeting, most experts expect interest rates to remain unchanged. However, since former President Trump has requested a rate cut, many people will focus on what Chairman Powell says.
If political pressure influences the decision, confidence in the US dollar may weaken. This could be good for gold prices. However, Chairman Powell is likely to maintain a strong stance on interest rates, which may limit gold’s price increase.
Expected Gold Price Range: 2760 – 2710 (38.2%)
Note: The above is not a guarantee of profit. Make your own decisions when trading.