Gold price Is on its corrective decline for the third consecutive early on Wednesday, having failed once again to resist above the $2,000 mark.
Gold price extends a three-day losing streak on the Fed decision day. US Dollar holds recovery alongside US Treasury bond yields amid the market caution. Gold price appears a ‘buy on dips’ trade, as daily technical setup still favors buyers. A typical pre-Federal Reserve decision caution prevails across the financial markets, keeping the buoyant tone intact around the safe-haven United States Dollar .
Therefore, Fed Chair Jerome Powell’s words on the future interest rate path and on the economic and inflation outlook will hold the key for a fresh lift in the US Dollar. Markets are expecting the Fed to leave the door open for one more rate hike amid a resilient US economy, tight labor market conditions and elevated inflation level.
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