Gold Price Forecast: XAU/USD bears eye a breakout Gold DollarIndex Technical Analysis Fed
Markets were reacting to the congressional testimony from Federal Reserve chair Jeromeon Wednesday ahead of the Senate on Thursday. Treasury yields were mixed after Powell's appearance before the House Financial Services Committee, bearish for gold which offers no interest.
''Whilst he said that it makes sense to slow the frequency of rate hikes, there is a difference between the speed at which rates rise and the level to which rates ultimately need to get,'' analysts at ANZ Bank said. Meanwhile, analysts at TD Securities explained that ''while the yellow metal has remained locked in a tight range over the last weeks, the lackluster price action is revealing some implicit weakness as the metal fails to rally despite a slumping USD.''
From a daily perspective, we are moving into testing the lows while on the front side of the bearish trend. The wick on the chart could've filled in the coming session and this could be the catalyst for a selling programme into support in and around $1,913.Information on these pages contains forward-looking statements that involve risks and uncertainties.
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