FLASH GAGE – FED Chair Comments Ding Gold

Dillon Gage - Flash Market Update

FED Chair Janet Yellen is ready to testify before congress today just released this statement:

Waiting too long to raise interest rates would be “unwise” as economic growth continues and inflation rises.

Immediately as her comments were released, the price of gold sold off seven dollars.

Even so, the odds of a rate hike in March according to the CME Watch tool still stands at just 13 percent.

So with the odds that low, most economists do not expect a rate hike in March, but the Chairwoman did say that increases would be evaluated “at upcoming meetings.”

Soft support levels still stand at $1,222 in the April CME Futures contract and the next critical level is the 100-day moving spot average at $1,215.00.

Have a wonderful Tuesday.

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