Federal Reserve Chair Jerome Powell laid the groundwork Friday for interest rate cuts ahead, though he declined to provide exact indications on timing or extent. “The time has come for policy to adjust,” the central bank leader said in his much-awaited keynote address at the Fed’s annual retreat in Jackson Hole, Wyoming. “The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.” Powell says “my confidence has grown that inflation is on a path back to 2%,Hints of interest rate cuts ahead WTI Crude rallies more than 2% Markets cheered and dollar plunged to 100.9, lowest since December 2023, despite Powell not providing specific information on the timing and pace of rate cuts.
MCX Crude Oil Gann Angle Chart
Crude bounced from its 1×3 Gann angle line and once 1×2 line @6300 is broken on upside price heading towards 6500/6700.
MCX Crude Oil Supply Demand Zone
MCX CRUDE OIL Supply Demand Chart : Demand in range of 6064-6100, Supply in range of 6574-6600.
MCX Crude Oil Crude Harmonic
Price is heading towards 6800-7000 till holding 6200.