Gold Price Forecast: XAU/USD oscillates around $1660 ahead of FOMC’s decision – by christianborjon Gold XAUUSD Metals Fed Macroeconomics
The US Dollar Index hits a two-decade high above 111.000, the highest since 2007.
Aside from this, traders are laser-focused on the Fed’s decision. The US central bank is widely expected to raise rates by 75 bps, though there’s a slim 18% chance of going for 100 bps. Alongside the monetary policy decision, Fed officials would update the Summary of Economic Projections , which would shed some light regarding US growth,Additionally, in the so-called “dot-plot,” the eighteen policymakers delineate the Federal funds rate for the foreseeable future.
Data wise, the US economic docket featured Existing Home Sales for August, dropping 0.4% less than estimates of a 2.29% contraction expected, and also better than July’s 5.9% fall. Analysts cited by Reuters commented, “High prices and Fed rate hikes will likely remain constraints for sales going forward.”Later, the US economic docket will feature the US Federal Reserve monetary policy decision at 18:00 GMT, followed by Chair Jerome Powell’s press conference at 18:30 GMT.
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