Play of the Day: (XAU/USD) Spot Gold’s Potential Trend Pullback

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The FOMC statement and presser sure did a number on major USD pairs! Will talks of a Fed rate hike continue to push XAU/USD higher for the rest of the week?

In case you missed it, the Fed officially dropped hints of tightening plans in its January statement. While Governor Powell and his gang remain worried that inflation is “still too high,” they also think that

So, it looks like the Fed’s next move is getting interest rates lower instead of higher. Does that mean a rate cut in March?

Powell said in his presser that “I don’t think it’s likely that the committee will reach a level of confidence by the time of the March meeting to identify March is the time to do [rate cuts]

Tl;DR: Not a chance.

But the Fed is thinking about cutting, which is probably why USD is trading somewhat lower against counterparts like spot gold.

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