Gold Whipsaws and Signals a Potential Momentum Shift
The precious metal rose phenomenally in the wake of the FOMC meeting and updated summary if economic projections. The US dollar acted as the release valve for all the hawkish sentiment that had been priced into the market. US activity, jobs and inflation data printed on the higher side of estimates in the lead up to the March meeting, resulting in some corners of the market speculating the Fed may feel obliged to remove one rate cut from the calendar.
This view helped the spur on the dollar. However, the Fed narrowly maintained their December projection of…
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