😳🚀 Upcoming FOMC Provide Surprises (Gold)

Since the end of last year, the speculation of the Fed's rate cuts by Q1 2024 flooded the market, making some assets move fluctuatively.

According to the CME FedWatch Tool, the probability of a rate cut in the March meeting has declined substantially from more than 75% last month to less than 50% today.

Meanwhile, the market is confident that the rate will remain the same for next week's FOMC meeting; such conviction has put Gold under pressure.

Gold maintained within the sideways range at around 2,000 - 2,040 USD per troy ounce without any significant breakout.

If Gold closes above 2,040 and 2,065 USD per troy ounce, its last swing high, the price may hit 2,080 USD per troy ounce again.

On the contrary, Gold may plummet to return to 1,955 - 1,975 USD per troy ounce if the price closes below 2,000 USD per troy ounce again.

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