Gold price Forecast: “Fed Chair Powell signaled the Federal Reserve will slow the pace of interest-rate increases next month, but this does not mean rates will not go past 5%. However, market pricing of the terminal rate is now just under 5%.”
Gold price has regained poise and looks to take on the key resistance & target at $1765—$1,778, which is the convergence of the previous day’s high and Fibonacci 38.2% one-month.
The central bank announced on Monday that it would stop buying gold starting April 1, but didn’t explain the move. Analysts say Russia already has a lotof gold stashed in reserves and likely doesn’t need more.
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