This week, everyone is looking forward to the Federal Reserve’s latest meeting minutes. These minutes will reveal the discussions of the bank’s top officials.
Gold prices have been on the rise for four consecutive days as of Tuesday. Investors are eagerly awaiting the Federal Reserve’s minutes because they hope to learn more about potential interest rate cuts. The bank plans to release these minutes later today, and many expect them to shed light on possible plans to lower interest rates.
Investors are keen to spot any indications that the Federal Reserve might reduce interest rates sooner, ideally at their late April meeting. Jay Powell, the leader of the Federal Reserve, has already stated there will be no rate cut in March. At their previous meeting, the Federal Reserve chose to keep interest rates the same. It looks like they will decide to maintain the current rates at the March meeting as well.
On Wednesday, gold’s price stood at about $2,030 per ounce, which was nearly the same as the day before. For those interested in the technical side of trading, it’s interesting to note that gold hit its 50-day moving average on Tuesday but did not manage to break through it. This action suggests that gold’s price is likely to keep rising, especially since it is significantly higher than its 100-day and 200-day moving averages.