#XAUUSD @ 1,953.34 Gold price rallies to session highs on the Federal Reserve statement and interest rate decision.
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- Gold price rallies to session highs on the Federal Reserve statement and interest rate decision.
- Gold price prints a high of $1,966.55 and pulls back ahead of Federal Reserve chairman Jerome Powell´s presser.
Gold price rallies some $20.00 on the knee-jerk reaction to the Federal Reserve´s interest rate decision and statement. At the time of writing, Gold price is trading near $1,962 and up 1.14% on the day from a low of $1,934.
Federal Reserve hikes rates by 25 bps, as expected but the Fed statement deleted reference to ‘ongoing increases’ in rates. Ahead of the decision, the money markets were pricing in a year-end target rate of 4.36%. This has dropped in volatile reactions to the statement to 4.26%.
Next up will be the Federal Reserve´s chairman Jerome Powell whop will speak to the press.
(Daily and H1 charts, ahead of the Fed, above and below respectively)
On the knee-jerk to the decision, Gold price rallied as follows:
(5-min charts)
More to come…
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