Gold's About to SHOCK Us All! Everyone Is So Wrong About Gold & Silver - Gary Wagner
The recent Federal Open Market Committee meeting concluded with the Federal Reserve maintaining its monetary policy, as anticipated. The key Fed Funds interest rate range remained unchanged at 5.25% to 5.50%. Post-meeting, traders have adjusted their expectations, with a 73% chance now priced in for a rate cut in June, up from the 65% chance seen before the Fed's decision.
Gary Wagner, Editor of TheGoldForecast.com, highlights the significance of upcoming events, particularly the Federal Reserve's decisions and statements, in shaping the direction of gold's next move.
In US trading on Wednesday, gold and silver prices surged closer to daily highs following the Federal Reserve's monetary policy statement, which was perceived as favorable by precious metals bulls. The persistent demand for safe-haven assets, central bank purchases, and ongoing geopolitical tensions continue to bolster gold prices.
Gold, a traditional hedge against inflation, tends to attract investment during periods of lower interest rates, as it does not yield interest like other assets. Last week, gold prices experienced a slight dip of nearly 1% after February's macroeconomic data revealed higher-than-expected inflation, dampening hopes for rate cuts.
According to recent price action, Wagner's analysis identifies a critical support level for gold around 2150 dollars. Should the price approaches this level, he anticipates potential resistance to further downtrends as buyers are expected to intervene, providing a supportive base for prices.
Following the US Federal Reserve's indication of a potential reduction in interest rates by three-quarters of a percentage point by the end of 2024, gold surged over 1% on Wednesday, prompting declines in the dollar and Treasury yields.
Silver prices declined for the third consecutive session, trading lower around 24.90 dollars per troy ounce during early European trading hours on Wednesday. The market's cautious stance ahead of the Federal Reserve interest rate decision has posed challenges for silver.
Gary Wagner highlighted a significant support level of around 25 dollars per ounce. If the price reaches this level, it could challenge the recent December high, which is around 26 dollars. He also mentioned that the possibility of a further decline of 25 dollars doesn't hold, with the price potentially slipping to 24.25 dollars.
Despite the downward pressure on silver prices, geopolitical tensions and an improved industrial outlook from China, the leading metals consumer, could support silver.
Inflationary pressures in the United States prompted a reassessment of the likelihood of interest rate cuts in the June and July meetings by the Fed. The anticipation of higher interest rates has diminished the attractiveness of non-yielding assets like silver in the eyes of investors.
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