Investors yearn for insight into the Fed's upcoming monetary pivot

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The Federal Reserve is expected to pivot from its restrictive monetary policy to an accommodating stance based on rate cuts. However, no concrete timeline has been provided. Recent data shows that the Fed's restrictive policy has impacted inflation, which has moved from above 9% in June 2022. Multiple Federal Reserve officials are scheduled to speak this week, but they are known for speaking articulately without providing definitive information. Chairman Powell has indicated that a rate cut in March is unlikely. The lack of clarity has paused any rally in gold. Gold futures are trading slightly lower. Gold has been trading within a pennant pattern and could break above the upper-level resistance trend line, with a potential upside target of $2080. The author, Gary S. Wagner, is a technical market analyst and the executive producer of "The Gold Forecast."

#FederalReserve #MonetaryPolicy #RateCuts #Inflation #Gold #PennantPattern

https://www.kitco.com/opinion/2024-02-07/investors-yearn-insight-feds-upcoming-monetary-pivot