Traders Eagerly Await FOMC Officials’ Speeches for Clues on Fed’s Plans
With a host of FOMC officials including Jerome Powell due to speak over the next few days – traders will be scrutinizing every word for fresh clues into the central banks future monetary policy plans and most importantly, confirmation that the Fed is finally done hiking.
One of the biggest beneficiaries of the current macroeconomic backdrop has undoubtedly been Gold. The precious metal rocketed above $2,000 an ounce within minutes of the U.S employment figures being released and closed out the week only 4% away from its 2020 all-time highs.
Gold prices have been on an unstoppable run, rallying from near the $1,800 level at the beginning of October to a six-month high of $2,000 an ounce – not once, not twice, but on multiple occasions over the past month.
The bullish momentum also split over into other Commodities with Silver, Platinum, Uranium, Sugar, Coffee, Cocoa and Orange Juice prices soaring to fresh multi-month and multi-year highs.
The big question now is did the Fed just clear the way for Commodity prices to continue their upward surge?
Only time will tell, however one thing we do know for certain is that it won’t take much for Commodity prices to move significantly higher in this current macro-environment and breach new record highs in the coming weeks and months ahead.
Commodity Price Forecast
Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions: