Gold Price at Critical Pivot Point Ahead of Fed Decision

Gold prices are at a critical pivot point ahead of the Federal Reserve decision on interest rates. The rate move is already priced in near 93%, leaving the dot plot and Summary of Economic Projections to set the direction for gold, according to Michael Boutros, Senior Technical Strategist.

The price of gold has declined nearly 9.4% from its August high and has spent three consecutive weeks straddling the same yearly reference level. The dot plot and updated Summary of Economic Projections are key indicators that will influence precious metals, particularly Treasury yields and the U.S. dollar.