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  • $EURUSD reversal has run really clean so far but now testing a big spot of resistance 1965-2000. also a 50% marker in that zone from the recent sell-off move #Euro https://t.co/vmOyWDtD83 https://t.co/fYzLzBaNRW
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: France 40: 0.24% FTSE 100: 0.22% Wall Street: 0.00% US 500: -0.01% Germany 30: -0.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/3PDYe6BJq6
  • Fed's Kaplan: - 2021 US GDP growth will be in the range of 6.5% - Sees higher prices in 2021, unclear if this will continue into 2022 #Fed $USD
  • a couple of weeks into Q2 now and the $USD pullback continues. crossed another big level yday at 91.93 $DXY https://t.co/dgMzxoTPQR https://t.co/XWBx3nLcua
  • $GBPJPY grinding channel support around the 150 psych level https://t.co/owiSKpNAso https://t.co/9oIQizm5WO
  • Germany's Economic Institutes cut joint GDP growth forecast for 2021 to 3.7% from 4.7% - sources $EUR
  • $WTI Crude Oil is trading at its highest level in over a week today, rising back above 61.00 for the first time since early April. The commodity remains far off from the highs hit around 68.00 in early March. $OIL $USO https://t.co/mfQLNnnSJZ
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  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.79%, while traders in France 40 are at opposite extremes with 74.16%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Qme8x5YygI
Gold Q2 Forecast: Bets for Fed Rate-Cut Fosters Bullish Outlook

Gold Q2 Forecast: Bets for Fed Rate-Cut Fosters Bullish Outlook

The adjustments in the Fed’s Summary of Economic Projections (SEP) suggest the central bank will continue to change its tune over the coming months as officials trim the growth and inflation forecast for 2019 and 2020. In turn, Chairman Jerome Powell and co. are now projecting a longer-run interest rate of 2.50% to 2.75%, and the change in the forwardguidance indicates that the central bank is on course to conclude the hiking-cycle ahead of schedule as ‘data arriving since September suggest that growth is slowing somewhat more than expected.’

SPOT GOLD (XAUUSD) PRICE CHART: WEEKLY TIME FRAME

Spot Gold Price Chart XAUUSD

In turn, the current environment may continue to heighten the appeal of gold amid the upcoming changes in Fed policy. The price for bullion may exhibit a more bullish behavior over the coming months as the FOMC abandons hawkish forward guidance for monetary policy.

See the complete Q2’19 Gold Forecast as well as outlook for other major currencies, equities, and oil.

---Written by David Song and Michael Boutros, Currency Strategists

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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