XAUUSD → Soared to its highest level since early September

Moon-Traderfx Updated   
OANDA:XAUUSD   Gold Spot / U.S. Dollar
World gold price stood at 1,926 USD/ounce, down slightly by 3 USD/ounce compared to the same hour yesterday morning. Yesterday, immediately after announcing the results of the Fed's policy meeting, precious metal prices jumped to 1,947 USD/ounce, the highest level since early September. However, this price level did not last long.

True to market expectations, the Fed decided to keep interest rates unchanged in the range of 5.25% to 5.50% at the September monetary policy meeting. The Fed expects one more interest rate hike this year. 2023. Of these, 12 Fed members support raising interest rates one more time, while 7 members oppose another increase. In addition, the US Central Bank also said that next year, it will make fewer interest rate cuts than previously expected.

As Fed Chairman Powell began his press conference, gold prices fell throughout the hour-long meeting. Mr. Jerome Powell said that the Fed is willing to keep interest rates at high levels longer than expected to bring inflation back to 2% and that raising interest rates is still considered at the monetary policy meeting in November or December.
Spot gold price may retreat within a narrow range of 1,917-1,921 USD/ounce because this precious metal has not been able to break the resistance zone of 1,933-1,935 USD/ounce.
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The fact that gold maintains a solid support level above 1,900 USD/ounce amid surrounding difficulties is a good sign that the market is ready for a new uptrend when the trend reverses.
The Fed's rate hike pause was expected, but the hawkish tone suggests interest rates will stay high until 2024. This revision caused significant impact in financial markets.
Gold is doing very well, despite Mr. Powell's hawkish views. The risks that the economy will break down are rising and eventually bad news for the economy will boost safe-haven flows to gold.
Kitco News' latest weekly Gold Survey finds market analysts divided between bullish and neutral, while retail investors expect a breakout to the upside or downside from the close trading range This.
For nearly a month, gold has fluctuated back and forth between $1,900/ounce and $1,950/ounce. This range should remain in place for at least a few more weeks.

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