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 pushed COMEX Gold to $2550/oz, 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 GOLD Gann Angle Chart
Gold is back to 3×4 Gann Angle resistance @71500, Unable to cross than can lead to fall towards 69450.
MCX GOLD Supply Demand Zone
MCX GOLD Supply Demand Chart : Demand in range of 71020-70900, Supply in range of 71900-72000
MCX GOLD Harmonic Analysis
Below 71500 price is heading towards 69500 based on Bearish ABCD Pattern.
GOLD Astro/Gann Trend Change Date
28 August Important Gann/Astro Date for Trend Change
Weekly Trend Change Level:71692
Weekly Resistance:71959,72225,72491,72757,73024
Weekly Support: 71426,71160,70894,70659,70390,70121
Levels Mentioned are for Current Month Future
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