The price of gold struggles to remain steady following Powell’s pledge to continue to raise interest rates in the coming months. The metal may track the negative slope in the moving average as the central bank prepares US households and businesses for a restrictive policy.
The FOMC will continue to stick to its inflation combating approach as the CME Fed Watch Tool currently reflects a greater than 70% probability for a 75bp rate hike, though the markets await the Central Bank’s next interest rate decision on September 21, where the Fed is slated to update the Summary of Economic Projections (SEP).
Until then, the anticipation of the next Fed meeting might affect the price of gold as the recent weakness in the precious metal appears to be accompanied by a rise in US Treasury yields. Bullion may face headwinds throughout the remainder of the year as the central bank sticks to its hiking cycle.
The gold price might have to strive to rebound from the yearly low ($1681) amid growing speculation for another 75bp rate hike, and the precious metal may largely track the negative slope in the 50-Day SMA ($1763) as it struggles to push back above the moving average.
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