Gold Price Today
Even though interest fading a bit, gold seems to have set a bottom, amid all the negative macro themes that are enveloping broader and is still trading in high correlation with US equities.
Investors like gold because the FOMC’s new policy roadmap unveiled in August solidified expectations that rates will stay low for a long time.
Traders are worried about gold because the remains very unsure how much of the new framework will find its way into September FOMC’s 15-16?
So, the September post-meeting statement is a critical question in that regard.
Hence, I think we range trade into next week, but the elusive catalyst that takes the market above the $2000 level remains the big mystery, and price action is telling.
Indeed, for all the noise made around Fed Chair Powell’s Jackson Hole speech, the market is questioning the Fed’s ability to generate inflation rather than its resolve to hold rates down.
Gold Price Today Is gold setting a bottom?
