Tuesday, September 17, 2019 12:33:46 PM
Tomorrow afternoon, the Federal Open Market Committee (FOMC) will conclude its two day meeting. At this time, the central bank is expected to cut the Fed Funds Rate by 25 basis points to 1.75% – 2.00%. Traders and investors should note that this rate cut is already factored into the market. The FOMC statement could be more important to the market than the actual rate cut itself. Often, during a central bank announcement precious metals, bond yields, the U.S. Dollar Index (DXY) and equities will all be in play and that will likely be the case again tomorrow.
Gold and the precious metals have been pulling back recently. Gold futures (GC) put in a short term pivot top on September 4, 2019 at $1566.20 an ounce. Since that high pivot gold futures have declined back down to 1512.00 an ounce. Should the FOMC sound a bit hawkish (less easy money) the gold market could retreat a little more. If the central bank comes out and is very dovish (more easy money) then gold could move back up to its old highs in the near term. So traders and investors will have to listen carefully to the statement and wording of the Federal Reserve. In the case of gold weakness tomorrow, traders should watch for major daily chart support around the $1450.00 level.
Nick Santiago
InTheMoneyStocks
Recent GLD News
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 02/08/2024 03:33:22 PM
- Form FWP - Filing under Securities Act Rules 163/433 of free writing prospectuses • Edgar (US Regulatory) • 01/19/2024 05:18:16 PM
- Crypto: RNDR, LINK, CHZ Emerge as Wednesday’s Top Performers, Ethereum Pilots Dencun Update, and More • IH Market News • 01/17/2024 04:51:44 PM
- Form 424I - • Edgar (US Regulatory) • 12/27/2023 04:04:08 PM
- Form FWP - Filing under Securities Act Rules 163/433 of free writing prospectuses • Edgar (US Regulatory) • 12/22/2023 09:02:08 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 11/22/2023 07:49:08 PM
- Form FWP - Filing under Securities Act Rules 163/433 of free writing prospectuses • Edgar (US Regulatory) • 09/14/2023 02:12:55 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/12/2023 08:02:07 PM
- Gold Stabilizes Near One-Month Highs as U.S. Interest Rate Hike Expectations • IH Market News • 08/31/2023 12:43:38 PM
- Gold Closes Higher, With Strong Retreat In Treasury Interest Rates And Dollar Low • IH Market News • 08/29/2023 06:20:49 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/07/2023 06:55:27 PM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM