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The price of gold keeping her head above the $1,310 level as we await hearing from the Federal Reserve and the Bank of Japan later this week.
The FOMC meets Tuesday and reports at 2pm est. on Wednesday. The Bank of Japan reports after their markets close on Wednesday.
Economists are not sure what the Bank of Japan will do. Banks in Japan are calling for the BOJ to put an end to negative interests rates and falling yield curves that are putting them out of business.
Since the BOJ reports first, I’m sure the BOJ will give our FOMC some guidance and help them with their decision.
Today’s Fedwatch Tool shows a 15 pct. chance of a rate hike being announced on Wednesday.
Watch out: If there are any surprises from either The Bank of Japan or our Fed, the markets I expect will react violently, as most are expecting no changes.
Keep a close eye on the markets as the decisions are released. In the meantime, most Wall Street traders expect the market to be quiet thru Wednesday and most are not participating in the gold market at this time.
Author Name: Walter Pehowich
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