Article by: ETO Markets

Three rate cuts this year were still anticipated by the Fed's economic estimates, which are represented by the Dot Plot chart, as of January. Following two straight months of higher inflation readings, markets have started pricing in two rate cuts from the Fed this year. Following its policy meeting in March, the Fed maintained its target range of key rates at 5.25% to 5.50%. It is currently priced in by the markets as a 75% chance that the Fed will start tapering in June.

As long as buyers maintain control, the gold price is expected to test the measured goal at $… given the presence of a bull flag. The price of gold must first reclaim the $… barrier after hitting a record high of $...

Conversely, the low of the previous day, $…, provides immediate support and will be tested below, challenging the $… region.