30 November 2022 | Other

Gold rose significantly in November on dovish Fed sentiment

Gold prices fell slightly on Wednesday ahead of the Federal Reserve Chairman Jerome Powell's message. However, they recovered on the hints that the Federal Reserve could soon slow its future increases. 

On Wednesday, November 30, Jerome Powell will speak in Washington. Investors are closely watching the data on the outlook for the economy and the Fed's steps. Market participants also hold breath for the U.S.employment data that is going to be released on Friday. 

According to minutes from the November meeting, more Fed officials seek to slow the pace of interest-rate hikes. Despite this fact, Fed speakers said that interest rates would likely stay high until 2024 to control inflation. 

Hopes of a Federal Reserve pivot fade in December had a positive impact on such assets as gold.

The outlook on gold is subdued, even with inflation exceeding the Fed's target. 

Company MarketCheese
Period: 01.05.2025 Expectation: 1000 pips
GBPUSD to test level of 1.34 again
25 April 2025 52
Brent sell
Period: 01.05.2025 Expectation: 660 pips
Trade uncertainty and excess OPEC+ supply are dragging down Brent
25 April 2025 39
Period: 29.04.2025 Expectation: 600 pips
USDCAD to head towards 1.39400 after rebounding from 1.38200
25 April 2025 32
Period: 02.05.2025 Expectation: 1669 pips
AUDCAD gains on potential easing of trade tensions between US and China
25 April 2025 35
Period: 30.04.2025 Expectation: 12000 pips
ETHUSD set to test upper boundary of downtrend channel
24 April 2025 83
Period: 25.04.2025 Expectation: 500 pips
AUDUSD to fall to 0.63000
24 April 2025 43
Go to forecasts