XAUUSD rounding bottom and 6-year resistance
XAUUSD is coming ever closer to a bullish reversal and a new high that gold bulls are betting on. Technical indications observed here.
US rate hikes from hero to zero, up to 5 rate cuts
CME Fedwatch Tool reading indicates zero probability of Fed rate hike for rest of 2019 and up to 5 cuts (total 125 points) by last meeting.
Now virtually zero probability of a rate hike this year
Nearly 24 hours after FOMC last night, CME Fedwatch Tool is showing collapse in rate hike probability for rest of this year.
Mood shift part 2
We are looking at increase in expectation of Fed rate hikes this year 2019 versus just last week based on CME Fedwatch Tool. Just last week market was looking at virtually no hike and odds of a rate cut but now we are back in 2-hikes territory.
Fedwatch Tool indicates shift in mood over span of 7 days
Despite the small numbers involved, Fedwatch tool now indicates possibility of two rate hikes in 2019 and no cut in the first half of the year. This is a hawkish swing from just 7 days ago.