Trend is Gold traders’ best friend [Video]
|Federal Reserve (Fed) Chair Jerome Powell reiterated yesterday that the Fed is not in a rush to cut rates but that it will cut sometime this year and that the recent jump in inflation didn’t ‘materially’ change their policy outlook. The latter was enough to send the market higher with joy. Stocks and bonds gained as the US dollar retreated sharply, leaving no room for the ECB doves to enjoy a softer than expected inflation data.
Up next, investors will be watching the weekly jobless claims and job cuts as they wait for Friday’s jobs data.
Elsewhere, gold traded past the $2300 per ounce and crude oil extended gains past the $86.50pb level after OPEC confirmed production cuts.
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