It's all about the Fed

World gold price trades weekly at 2,577 USD/ounce. Gold futures price in December 2024 is trading at 2,606 USD/ounce.

The US Federal Reserve's (Fed) interest rate decision will be the main focus of the market this week. Fed Chairman Jerome Powell's speech at the Jackson Hole Conference at the end of August confirmed that the Fed will make a decision on interest rates at its next meeting on September 18.

The US Central Bank kept the main lending interest rate unchanged at the highest level in two decades, from 5.25-5.5% over the past 14 months.

Major commentators, the labor market is hot and the US economy continues to grow, policymakers have determined it is time to cut interest rates. The market is pricing 55% interest rates in the US will decrease by 25 basis points and 45% interest rates will decrease by 50 basis points in the next few days.

💎 GOLD Buy 2544 - 2546💎

✔️TP1: 2560
✔️TP2: 2580
✔️TP3: OPEN

🚫SL: 2536


💎 GOLD Sell 2595 - 2597💎

✔️TP1: 2580
✔️TP2: 2560
✔️TP3: OPEN

🚫SL: 2605