Despite the hawkish tone of yesterday’s Fed's decision, the market saw some signs that the pace of interest rate hikes may be reduced. Moreover, the technical recession in the US may also lead to weakening of the US dollar.
Currently, yields on 10-year bonds are at their lowest since the end of March, which is supporting gold. Precious metal is gaining 1% today and trades above $1,750. From last week's low, gold added over 4%. On the other hand, "digital" gold, or Bitcoin, is also gaining. Price is approaching $24.000 and from the perspective of 2 sessions rose approx. 15%.
If current sentiment prevails gold could climb even to $ 1800-1820 area, taking into consideration potential reverse head and shoulder formation. Source: xStation5
Gold has most likely defended a key support below $ 1,700, which reduces the likelihood of a similar scenario as in 2013. Source: xStation5
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