Federal Reserve Meeting Time, Federal Reserve Meeting Outcome, Fed Rate Cut, Federal Reserve News: The Federal Reserve’s highly anticipated decision on interest rates is set to be announced at 12:30 AM tonight (India Time), and its projections for 2025 are expected to steer the direction of gold and silver prices. Market expectations are centered on a 0.25% rate cut, with key policy announcements from the Bank of Japan (BoJ) and the Bank of England (BoE) to follow tomorrow. This week could be a pivotal moment for precious metals.
On Tuesday, gold and silver extended their decline following better-than-expected U.S. retail sales data, which showed a 0.7% month-on-month growth, surpassing the forecasted 0.5% increase. The strong retail figures have capped gains for gold and silver while raising concerns about the Fed’s guidance for 2025 rate cuts amidst weak job markets, rising inflation, and robust services activity.
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Meanwhile, the dollar index and U.S. bond yields held steady ahead of the Federal Open Market Committee (FOMC) meeting. Adding to the pressure on precious metals was Bitcoin’s impressive rally, crossing the $108,000 mark and attracting significant investor attention away from traditional asset classes.
However, gold and silver prices have found some support at lower levels due to anticipated rate cuts, ongoing geopolitical tensions, and weakness in global equity markets. As central bank policies take center stage this week, gold and silver markets are bracing for heightened volatility that could set the tone for the months ahead.
Market Insights and Technical Levels
Manoj Kumar Jain, Director at Prithvi Finmart, expects significant volatility in gold and silver this week, influenced by movements in the dollar index and FOMC outcomes. He highlights key weekly support levels at $2,588 for gold and $29.88 for silver, with resistance at $2,694 and $31.50, respectively.
For today’s trading session:
Gold:
Support: $2,646–$2,632
Resistance: $2,678–$2,694
MCX Levels: Support at ₹76,480–₹76,200, Resistance at ₹77,200–₹77,550
Silver:
Support: $30.64–$30.40
Resistance: $31.20–$31.50
MCX Levels: Support at ₹90,100–₹89,500, Resistance at ₹91,650–₹92,400
Commodity Insights:
Kedia Commodity
Gold trading range for the day is 76135-77565.
Silver trading range for the day is 89515-91825.
IIDM Update
Key resistance is located at 2660 above which we can see an upside move towards 2670-2685.
Crucial support is seen at 2640 below which a further dip towards 2625-2610 can be seen.
Big Events of The Week
Wednesday, December 18, 2024
US
7:00 PM: Building Permits Prel (NOV)
7:00 PM: Housing Starts (NOV)
12:30 AM: Fed Interest Rate Decision
12:30 AM: FOMC Economic Projections
12:30 AM: Interest Rate Projection – Longer Term
1:00 AM: Fed Press Conference
Euro Area (EA)
3:30 PM: Inflation Rate YoY Final (NOV)
Thursday, December 19, 2024
US
7:00 PM: GDP Growth Rate QoQ Final (Q3)
7:00 PM: GDP Price Index QoQ Final (Q3)
7:00 PM: Initial Jobless Claims (DEC 14)
7:00 PM: Core PCE Prices QoQ Final (Q3)
8:30 PM: Existing Home Sales (NOV)
United Kingdom (UK)
5:30 PM: BoE Interest Rate Decision
Japan (JP)
8:30 AM: BoJ Interest Rate Decision
Friday, December 20, 2024
7:00 PM: Core PCE Price Index MoM (NOV)
7:00 PM: Personal Income MoM (NOV)
7:00 PM: Personal Spending MoM (NOV)
8:30 PM: Michigan Consumer Sentiment Final (DEC)
China
6:45 AM: Loan Prime Rate 1Y
6:45 AM: Loan Prime Rate 5Y
IBJA Gold Silver Prices Without GST
Gold
999 Rs 76570
995 Rs 76263
916 Rs 70138
750 Rs 57428
585 Rs 44794
Silver
999 Rs 88950
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Disclaimer:
The information provided in this article is for informational purposes only and reflects the views of industry experts. Before making any investment decisions, it is recommended that you consult a financial advisor. The team at Gold Price Today does not engage in personal buying, selling, or trading of gold or silver on exchanges. We are not responsible for any gains or losses incurred based on the information presented here.