This article offers an exclusive preview of the upcoming Fed monetary policy announcement scheduled for Wednesday. Furthermore, we examine the technical outlook for gold prices and the S&P 500.
will maintain borrowing costs within the current range of 5.25% to 5.50% and leave forward guidance unchanged in the statement. With no fireworks anticipated, all eyes will be on Fed Chair Powell's press conference for insights into the policy outlook, particularly given the absence of new economic projections at this meeting.
While rate hikes are no longer the default scenario following a 525 basis points tightening between 2022 and 2023, attention will be on Powell's response to queries regarding this topic during the media Q&A session. Any indication that the Fed might resume hiking or that some officials are considering this possibility would constitute a doubly hawkish outcome, potentially sparking increased volatility and a significant sell-off in risk assets.
Despite the bearish outlook, traders are advised to be cautious and refrain from going against prevailing price action. With that in mind, if the S&P 500 pivots to the upside and finally manages to clear the 5,165/5,185 ceiling convincingly, sentiment could make a turn for the better, allowing prices to head towards the 5,260 area. Continued gains from here onwards would shift attention towards the record.
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