XAU plunges after FOMC news
Markets are looking ahead to the Federal Open Market Committee (FOMC) meeting, followed by a press conference by Fed Chairman Jerome Powell. Investors are expecting the Fed to cut interest rates by 50 basis points. The CME FedWatch tool predicts a 100% chance of a rate cut in September, with 63% for a 50 basis point cut and 37% for a modest 25 basis point cut. This would be the Fed's first rate cut in four and a half years (since March 2020).
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BUY XAU 2562
TP1: 2570
TP2: 2577
SL: 2454
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