Gold Moves Higher At The Start Of An Eventful Week
Gold (XAU/USD) prices are moving slightly higher and are trading around $2,995 at the time of writing on Monday (3/17) after a profit-taking-led correction on Friday after hitting a new all-time high of $3,005. Traders are gearing up for a fairly eventful week with the German Bundestag set to vote on a defense spending plan, which will boost European industry by €1 trillion, on Tuesday. On the same day, US President Donald Trump is scheduled to meet with Russian President Vladimir Putin to discuss a possible peace deal for Ukraine.
As if that wasn’t enough, the US Federal Reserve (Fed) and the Federal Open Market Committee (FOMC) will meet on Tuesday and Wednesday before handing down their latest monetary policy decisions. Traders will be keen to see how each FOMC member will vote and plot forward guidance on the Dot Plot (Philips) curve. Expectations are for no change in monetary policy, while expectations for a rate cut in May or June continue to rise and fall by the day.
Source: FXStreet