The Federal Reserve delivered a 25-basis-point rate cut today and signalling that two more reductions are likely before year-end.
The only dissent came from newly-appointed Governor Stephen Miran, who wanted a larger 50-basis-point cut.
Governors Michelle Bowman and Christopher Waller, earlier suspected to be additional dovish dissenters, sided with Chair Jerome Powell in backing the quarter-point move.
Powell emphasised in his press conference that labour market risks were the key factor behind today’s decision.
Gold saw extreme volatility immediately after the Fed’s announcement. On the hourly chart, the metal spiked to a high near 3,707 before plunging more than 600 pips in a single candle, bottoming out around 3,646.
Since then, gold has stabilised around 3,660. The immediate reference points are the 3,646 low, which serves as near-term support, and the 3,707 spike high, which caps resistance.
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