The price of gold went up a little bit early on Wednesday because people are paying attention to the upcoming FOMC meeting. This meeting could have a big impact on what happens next in the gold market. Some traders are worried about what Jerome Powell, the head of the Federal Reserve, might say. They’re concerned that if he talks tough about raising interest rates, the price of gold could drop a lot, maybe even down to $2,200 per ounce. However, if everything stays the same, I believe traders will see this as an opportunity to buy gold at a lower price.
If we manage to surpass the highest point of trading during Tuesday, it’s likely that the price of gold will aim for the $2400 mark. Overall, I’m optimistic about this market, but I also acknowledge that we experienced a period of excessive growth recently. So, while I believe the market will continue to rise in the long run, there’s a possibility it might dip by around fifty dollars along the way.
I’m a bit worried about that part. I’d make sure not to invest too much money because the FOMC press conference could cause a lot of uncertainty. There might be a lot of confusing information in the meantime, but in the long run, things will probably continue as usual. The important thing to remember is that it might take some time. I believe a price drop has been necessary for a while, and the FOMC announcement is a good reason for it to finally happen.
