Gold price Plunges after important Fed meeting
Gold prices are trading around $1,935, down $8 from yesterday. The decline is attributed to the Federal Reserve's hawkish stance on monetary policy despite the decision to pause interest rate hikes in this meeting.
After a two-day meeting, the Fed chose not to raise interest rates for the 11th consecutive time, evaluating the impact of previous hikes. However, the FOMC's decision to delay rate hikes in this meeting comes with a forecast of two more 25-basis-point increases before the end of the year.
The post-meeting statement clarifies that "maintaining the current interest rate range allows the committee to assess further information and the impact of monetary policy." The next Fed meeting is scheduled for July 25th and 26th.
After a two-day meeting, the Fed chose not to raise interest rates for the 11th consecutive time, evaluating the impact of previous hikes. However, the FOMC's decision to delay rate hikes in this meeting comes with a forecast of two more 25-basis-point increases before the end of the year.
The post-meeting statement clarifies that "maintaining the current interest rate range allows the committee to assess further information and the impact of monetary policy." The next Fed meeting is scheduled for July 25th and 26th.
⭐️Make a trading plan:
✅Sell the $1,945-$1,943 range when the price hits the resistance area.
✖️Stoploss: $1,950.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!