…”it pays to take a look at what it means for a central bank to be data dependent”…
not be data dependent rather APPEAR to be data dependent.
think
what data numbers would you like sir / madam ?
reminder : at previous presser jerome spent numerous minutes trying to erase questions and suspicions about the FED being political.
With the ECB taking a data dependent approach and Fed Chair Powell indicating something similar following the 50bps rate hike, it pays to take a look at what it means for a central bank to be data dependent.
What Does Data Dependent Central Bank Policy Mean for Trading?
Gold – XAUUSD Daily
Supports : 2575.00 , 2560.00 & 2530.00
Resistances : 2600.00 , 2610.00 , 2620.00 & 2640.00
This might look to you as a perfect pattern for next move Up, but I have to warn you that it is NOT.
It is at best 50-50 chance
I am not saying Gold won’t continue up in coming days, but that I wouldn’t expect it to happen tomorrow.
Plus there is something off with it – so let’s see how it develops…
Nvidia – NVDA
NVIDIA & 2 Other AI Stocks to Gain From Lower Interest Rates
On Wednesday, the Federal Reserve trimmed interest rates aggressively and penciled in further rate cuts by the end of the year. It slashed the benchmark A lower interest rate scenario may lead to stock gains for major artificial intelligence (AI) tech players like NVIDIA Corporation NVDA interest rate by a half-point to 4.75-5% for the first time since March 2020.
XAUUSD 4 HOUR CHART – BID BUT NO NEW RECORD
No change to what I posted earlier’
Look for support as long it trades above 2500-11 but unlike recent days, there are no stops to go for on the upside unless the record 2600 high is taken out.
If it trades between 2500-2600, then 2550 will set its intra-day bias. If 2600 is broken and sustained, then it again moves into unchartered waters.
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