Gold prices are trading higher in today’s European session above 2200 levels.
On Thursday, gold prices surged to highs at $2,210. Currently, there is a 62% likelihood of the initial interest rate reduction occurring in June.
Should the pivot be delayed until the third quarter or if the number of cuts is reduced to two or one, rather than the anticipated three, it will prompt a correction in both silver and gold prices. Especially susceptible to a retreat towards crucial support levels following its consistent ascent is gold.
Following the conclusion of the Fed meeting, the market will shift its attention to forthcoming macroeconomic data. Today, we anticipate the release of US GDP growth figures. If these figures corroborate the preliminary estimates, we can anticipate a substantial downturn compared to recent quarters.
