Gold Price Forecast: Bears are moving in and eye break of $1,830 for $1,810 prospects By fx_ross Gold Commodities DollarIndex Technical Analysis Fed
ing environment. There has been some bargain hunting on Wall Street following last week's sell of in stocks as investors move in on the energy and tech sectors, dragging the benchmarks higher with energy leading the pack. and risk-on environment as the wider focus stays on the rate hike narrative. Nevertheless, all sectors in stocks are in the green and the Dow Jones Industrial Average jumped is now over 2% higher, with S&P 500 up 2.56% to 3,761 and the Nasdaq Composite 2.8% higher.
In this regard, this week's main event will be Fed Chair Powell’s semi-annual monetary policy report to Congress. ''Given the dramatic breakout in inflation, we expect Powell to robustly emphasise the Fed’s inflation credentials in front of lawmakers who face mid-term elections in November,'' analysts at ANZ Bank explained.
Stronger rate hikes, rising yields and strengthening currencies are a headwind for gold and the sell-off in the equity markets hasn't added any safe-haven demand.
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