We could probably see the idea of the Fed downshifting supported." I am leaning towards bullish for next week. "A lot of market potential for volatility. Next week is critical for earnings season," he said. Gold held the $1,620 level following a major pivot on rate hike expectations. economy could be starting to see the impact of the first rate hikes, Moya pointed out. Now, if the Fed does debate, it could easily justify half a point shift instead in December. Prior to Friday's news, markets were looking for a 75 bps hike in November and another 75 bps in December. "The idea that we could see the Fed debate whether or not they should downshift into a slower pace of tightening really excited investors," OANDA senior market analyst Edward Moya told Kitco News. The move higher was triggered by the market reexamining its rate hike expectations after The Wall Street Journal reported that the Fed would debate the size of future rate hikes following its widely-expected 75-basis-point increase in November. economy.ĭecember gold futures rallied more than $20 on the day and last traded at $1,657.80 an ounce after hitting a new two-year low and almost breaching the key support level at $1,620 earlier in the week. Q3 GDP data and earnings reports to get a better glimpse into the state of the U.S. Analysts are now paying close attention to next week's U.S. (Kitco News) Gold staged a solid rally Friday as markets increased bets on a slower tightening cycle from the Federal Reserve following the November meeting.
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