HUGE NEWS! The SHOCKING TRUTH About the Gold & Silver Rally And What's Coming Next? - Gareth Soloway
HUGE NEWS! The SHOCKING TRUTH About the Gold & Silver Rally And What's Coming Next? - Gareth Soloway
Gold prices surged to a three-week high of 2,390 dollars on Wednesday following the release of US Bureau of Labor Statistics data indicating a slowdown in inflation, thus increasing the likelihood of a Federal Reserve rate cut in 2024.
Despite short-term fluctuations, Gareth Soloway, Chief Market Strategist at Verified Investing.com, remains optimistic about gold's long-term trajectory. He attributes this positivity to potential Federal Reserve rate cuts and ongoing government spending, which he believes will propel gold prices upward.
The recently released US consumer price index report for April, showing a 0.3% increase compared to the consensus forecast of 0.4%, aligns with the views of monetary policy doves advocating for early interest rate cuts by the Federal Reserve. This stance is considered bullish for precious metals due to anticipated consumer and commercial demand increases.
In the short term, Gareth adopts a neutral to bearish stance on gold, foreseeing a potential dip to around 2200 dollars. However, he maintains a bullish outlook on gold's mid to long-term prospects.
Despite a near one-month high, gold prices retreated on Thursday amid a slight uptick in the dollar and cautious comments from a Federal Reserve official, tempering investor optimism.
Gareth delves into chart patterns and trend lines, highlighting potential support levels for gold. Despite short-term uncertainties, he retains a bullish stance on gold as a trader and holder of physical gold assets.
The World Bank's precious metals price index surged 9% in April 2024, continuing its upward trajectory from the first quarter. Gold reached a new nominal record in April, while silver approached its early 2021 peak.
Gareth Soloway anticipates that the Federal Reserve will implement interest rate cuts in September, citing economic indicators pointing to a slowdown in consumer spending and overall economic growth.
Investor sentiment reflects optimism regarding the Federal Reserve's intentions, with a 72.6% probability of two quarter-point interest rate cuts anticipated for this year, commencing as early as September. Market focus will also be on statements from various Federal Reserve officials scheduled throughout the day, including Presidents from different branches and the Vice Chair for Supervision. Traders increasingly believe that the US Federal Reserve may initiate interest rate reductions as soon as September, particularly following cooler-than-expected inflation data in April.
Soloway highlights several economic indicators, such as the ISM Services index, GDP growth, and nonfarm payrolls, signaling a potential recession by the year's end. Additionally, rising unemployment claims further underscore the possibility of economic contraction. The deteriorating condition of the labor market also reinforces recession forecasts by seasoned forecaster Danielle DiMartino Booth, who told Bloomberg on Monday that the US is already experiencing a downturn. This assessment is based on an indicator tracking unemployment over 12 months.
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