Gold | Ready for a big surge or a big drop? 📈📉

The S&P Global PMIs and Jerome Powell's speech, market drivers post-Thursday
On Friday, the initial estimates of the S&P Global PMIs will attract investors' attention. Forecasts suggest a contraction in both manufacturing and services sectors in March. If the results exceed expectations, it could provide some support for the dollar index.
Jerome Powell, the Federal Reserve Chair, will be scrutinized on Friday, with not much time gap from Thursday's meeting. There is a slight possibility that Powell's positions on Friday may differ significantly from the Fed's stance on Thursday. However, if Powell's positions align with the updated dot plot and the Fed's stance, it will deepen the created volatility; otherwise, it will adjust the fluctuations arising from Thursday's results. 📈🔍🗣️
Comment:
Gold took off on a strong upward trend after touching the support range and flew almost 300 pips :)
13 hours ago
Comment:
Powell, the Federal Reserve Chairman:
🔹Interest rates are likely at their peak.
🔹There is a possibility of rate cuts at some point this year, but the outlook is uncertain, and we continue to monitor risks.
🔹We are prepared to keep rates elevated for a longer period if needed.
🔹We will carefully assess the data received to make decisions about monetary policy.
🔹Before cutting rates, we need greater confidence in sustained inflation reduction.
🔹We will make decisions on a meeting-by-meeting basis.
🔹Unexpected weakness in the labor market could also have a response.
🔹Our forecasts are not set in stone but are contingent on changing conditions.
（Source from: TV-uPaSKaL）