The recent gold rally stalled on March 08, at $2,203, and has since ground lower as the market awaits this week's global Central Banks decisions on interest rates. The Bank of Japan (BOJ) increased its rates, while the Royal Bank of Australia (RBA) kept its rates unchanged while stressing the rate hike cycle has probably ended. The European Central Bank (ECB) witnessed a slowing economy, allowing for the possibility of lowering rates earlier than later. At the FOMC meeting tomorrow, it looks like they will hold rates steady. However, the statements and economic forecasts during the press conference may offer some direction to future market trends.
