Gold prices push to six-week high as expectations grow for Fed rate hike pause Fedratehikepause gold
- Growing expectations that the Federal Reserve will end its tightening cycle after next week's monetary policy decision is providing new momentum for the gold market as prices test another important resistance points.
Julia Cordova, founder of Cordovatrades.com, said that gold's price action is forming a technical bull-flag pattern, and a weekly close above $1,973 would be a breakout move. James Stanley, market strategist at StoneX, said that the gold bulls are in complete control of the market. He added that he is also watching the $2,000 level closely.According to analysts, gold is catching a bid as markets expect next week will be the Federal Reserve's last rate hike in this tightening cycle. The market has pretty much fully priced in a 25-basis point move next Wednesday.
Paul Ashworth, chief North America economist at Capital Economics, said that he expects this to be the start of what could be a prolonged downtrend in consumer consumption, which will weigh on economic activity.
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