J.P. Morgan Forecasts Gold to Surge in 2024 Amid Fed Rate Cuts.
After the Federal Reserve implemented the anticipated quarter percentage point interest rate hike, pushing it to a range of 5.25% to 5.5%, gold prices continued to rise. The central bank's decision also kept the possibility of further increases open.
Within about two hours of the Fed's announcement, the ICE U.S. Dollar index dropped by 0.4% to 100.99. This decline in the dollar's value provided a boost to gold prices, which are denominated in dollars. Concurrently, the yield on the 10-year Treasury decreased from Tuesday's 3.911% to 3.8579%.
The absence of any indication of when the Federal Reserve might halt its rate hikes, similar to what was observed in the June meeting, created uncertainty about future Fed actions. Consequently, immediately following the announcement, the price of gold surged by over $10 per ounce. George Milling-Stanley, the chief gold strategist at State Street Global Advisors, highlighted this development.
XAUUSD SELL 1980 - 1982🕯🕯
✔️✔️ TP1: 1975
✔️✔️ TP2: 1970
✔️✔️ TP3: 1965
❌ SL: 1986
Within about two hours of the Fed's announcement, the ICE U.S. Dollar index dropped by 0.4% to 100.99. This decline in the dollar's value provided a boost to gold prices, which are denominated in dollars. Concurrently, the yield on the 10-year Treasury decreased from Tuesday's 3.911% to 3.8579%.
The absence of any indication of when the Federal Reserve might halt its rate hikes, similar to what was observed in the June meeting, created uncertainty about future Fed actions. Consequently, immediately following the announcement, the price of gold surged by over $10 per ounce. George Milling-Stanley, the chief gold strategist at State Street Global Advisors, highlighted this development.
XAUUSD SELL 1980 - 1982🕯🕯
✔️✔️ TP1: 1975
✔️✔️ TP2: 1970
✔️✔️ TP3: 1965
❌ SL: 1986
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