According to some analysts, the market is still in a state of tension as investors try to predict the next move of the US Federal Reserve (Fed). Markets are pricing in a 68% chance of the first interest rate cut at the March monetary policy meeting.
The stronger USD and uncertainty about the timing of the Fed's interest rate cut negatively impacted gold prices. Meanwhile, the jobs report released at the weekend showed that the labor market was better than forecast. This means the Fed can delay the first interest rate cut. Meanwhile, investors are expecting a cut soon.
Walsh Trading's Co-Head of Commercial Hedging Sean Lusk is optimistic about gold, saying the precious metal remains supported by concerns surrounding conflict in the Middle East and seasonal factors. Lusk predicts that during the seasonal growth period from now until Valentine's Day, gold prices will reach 2,175 USD/ounce.
The stronger USD and uncertainty about the timing of the Fed's interest rate cut negatively impacted gold prices. Meanwhile, the jobs report released at the weekend showed that the labor market was better than forecast. This means the Fed can delay the first interest rate cut. Meanwhile, investors are expecting a cut soon.
Walsh Trading's Co-Head of Commercial Hedging Sean Lusk is optimistic about gold, saying the precious metal remains supported by concerns surrounding conflict in the Middle East and seasonal factors. Lusk predicts that during the seasonal growth period from now until Valentine's Day, gold prices will reach 2,175 USD/ounce.
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TP1: 2039
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