Market sentiment now sees a 53% probability that the Fed will still keep interest rates on hold at the September 2024 FOMC meeting.
While as many as 60% of market players expect the Fed to implement an interest rate cut for 2024 at the November FOMC meeting.
This follows several statements by Fed members that have a "hawkish" tone that have taken place since the beginning of this week.
Following that, US treasury bonds have been trading higher while gold prices have continued to trade lower.
Market players' focus today will be on the first quarter US GDP economic data report, the "Initial Jobless Claims" report and several conferences by Fed members.
Tonight's economic data report is able to change the structure of market sentiment towards the direction of interest rates in the United States while providing a significant impact on the gold market.
Technical Analysis
Based on the daily chart, the $2,324 price level will be the main obstacle before gold continues to trade lower to the $2,300 and $2,277 levels.
However, if the price level of $2,324 is successfully maintained, gold is expected to be able to trade high at least to the level of $2,353 and if the price continues to jump higher, $2,372 and $2,397 will be reached.
