After the Federal Reserve aggressively cut interest rates by 50 basis points, Powell triggered a violent pullback in the gold price! How should one trade gold next?
The gold market in New York experienced dramatic volatility during Wednesday's session. After the Federal Reserve cut interest rates by 50 basis points, spot gold briefly hit a new all-time high. However, Powell's speech caused the price of gold to plummet significantly from its high, falling below $2,550 per ounce at one point. FXStreet analyst Christian Borjon Valencia pointed out that the price of gold briefly reached a historical high of $2,600 per ounce. However, buyers were unable to break through this level, which may pave the way for a pullback in gold prices.
Shocking! Gold price plunges over $53 after Powell's speech from historical highs. What's going on?
#Gold Technical Analysis ##Fed Policy Shift#24K99 News After a 50 basis point rate cut by the Fed on Wednesday (September 18th), Fed Chairman Powell hinted that policy makers were not in a hurry to significantly reduce interest rates, and the gold price fell sharply from its historical high by more than 53 dollars.
Express News | Spot gold touched the $2600 mark upward again, hitting a new historical high.
Shares of Gold Stocks Are Trading Higher in Sympathy With Overall Market Sentiment After the Fed Policy Decision to Cut Rates by 50 Basis Points.
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