Gold’s record-breaking rally resumed today after only a brief consolidation, with buyers stepping back in once the Fed decision passed without surprise. The clearing of event risk proved enough to reignite upside momentum.
The Fed left rates unchanged as widely expected. While two governors—Stephen Miran and Christopher Waller—dissented in favor of a cut, the broader statement offered no clear signal of imminent easing, keeping policy guidance broadly intact.
Chair Jerome Powell’s press conference reinforced that message. His tone remained balanced and non-committal, emphasizing data dependence rather than preparing markets for near-term action. As a result, expectations shifted further toward another hold in March.
Market pricing now assigns roughly 88% odds to a March hold, up from about 82% a day earlier. Yet that repricing has failed to generate meaningful support for Dollar, which continues to struggle to attract buyers.
Gold, by contrast, benefited from the reduced uncertainty. With the Fed outcome largely neutral and no hawkish surprise, investors were quick to re-engage on the long side, extending the broader uptrend.
Technically, Gold is still in upside acceleration as seen in both 4H and D MACD. The next target of 138.2% projection of 3,267.90 to 4,381.22 from 3,997.73 at 5,536.33 will likely be taken out without any problem.
Gold could indeed head to 161.8% projection at 5,799.08 before taking a breather. Meanwhile, below 5,235.53 minor support will likely bring some brief consolidations before staging another rise.
