How long will gold hold above $2000?
The Federal Reserve kept its interest rate as 5.25%-5.5% for its December 2023 decision (staying unchanged for a third consecutive meeting). This was in line with expectations, but the big news is that they indicated 75bps cuts in 2024.
This revelation has weakened the USD across the board with the Aussie dollar the best performer at +1.3%. GBP/USD and EUR/USD also caught fresh bids and jumped above 1.2598 and 1.0850, respectively (BoE and ECB interest rates decision hit the market in less than a day).
Gold has also been boosted and rebounded to test the $2,000 mark just now. But how long will this last? Jerome Powells public address will likely be the reason gold does or does not stick to this price level in the short term. He's talking right now!
This revelation has weakened the USD across the board with the Aussie dollar the best performer at +1.3%. GBP/USD and EUR/USD also caught fresh bids and jumped above 1.2598 and 1.0850, respectively (BoE and ECB interest rates decision hit the market in less than a day).
Gold has also been boosted and rebounded to test the $2,000 mark just now. But how long will this last? Jerome Powells public address will likely be the reason gold does or does not stick to this price level in the short term. He's talking right now!
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