Gold (XAU/USD), Silver (XAG/USD) Technical Hurdles: The US Fed meeting was the focus this week and the Fed certainly did not disappoint. An upgrade to the Fed projections saw the Central Bank send a hawkish message as it changed its forecast for rate cuts in 2024, 100bps priced in June down to 50bps at this week’s meeting. At the same time growth forecast were upgraded while the Fed also see the labor market remaining robust.
WTI eyes more upside above $91.00 as global rate-hike cycle to pause soon
The oil price sets for further recovery as investors see the global rate-tightening cycle concluding sooner. Deepening supply concerns due to supply cuts from Russia and Saudi Arabia have kept oil bulls in the driving seat. Investors await global PMI data for further guidance on the oil price.