Fed gold longterm All eye on gold's long-term support as markets see growing chance Fed will raise interest rates by 1% next week
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According to the CME FedWatch Tool, markets are now pricing in a more than 30% chance that the Federal Reserve will raise interest rates by a full 1%. Last week, investors were still debating whether the U.S. central bank would raise the Fed Funds rate by 50 or 75 basis points. "Bulls need to defend $1,686.30 in October gold futures, which is the summertime low. A drop below that level would do serious chart damage and trigger sell stops to send prices significantly lower," said Jim Wyckoff, senior technical analyst at Kitco.com.
"This will only add to gold's woes as the precious metal losses its luster in a high-interest rate environment. Talking technicals, $1,700 remains a key level of interest with the path of least resistance pointing south," he said.
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