The US Federal Reserve cuts its key interest rate! This development was hoped for and also expected by the stock marketers. The speed and timing was a bit surprising! The US monetary authorities have lowered the key interest rate by half a percentage point and set a new range from 1.0 to 1.25 percent. In an initial reaction, the stock indices also rose – as did the gold price.
But after the speech by US central bank chief Powell, profits on the stock markets were given back. The Federal Reserve is not considering any further measures. Powell, however, emphasized that the Fed was in active talks with other central banks. In this respect, the gold bulls seem to see potential again!
Dynamic upward movement in the gold price!
The current dynamic upward surge in the gold price is generally positive. The strong sell-off in the last few trading days is made up for again. Intraday also shows a very long white, positive candle in the Japanese candlesticks. Their statement is: A long white candle is the pillar of the market. As long as the breakout level of the long white candle is not undercut from a technical point of view, there is more of a chance to test the February tops again!