TODAY XAUUSD UPDATE : Gold Price Forecast: XAU/USD displays a rangebound move above $1,710, Fed Powell’s speech eyed

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TODAY XAUUSD UPDATE

TODAY XAUUSD UPDATE

Gold Price Forecast: XAU/USD displays a rangebound move above $1,710, Fed Powell’s speech eyed

  • Gold prices are displaying topsy-turvy moves as the focus shifts to Fed Powell’s speech.
  • Softening consumption by US households has weakened the DXY.
  • The Fed will continue its restrictive policy stance until it sees months of a slowdown in the inflation rate.

TODAY XAUUSD UPDATE :Gold price (XAUUSD) is displaying a lackluster performance as investors are awaiting the speech from Federal Reserve (Fed) chair Jerome Powell. The precious metal is oscillating in a range of $1,713.53-1,719.50 in the Asian session.

TODAY XAUUSD UPDATE :On Wednesday, the gold prices delivered a stellar rally after hitting a low of $1,691.46. Investors poured funds into the precious metal after oscillators turned extremely oversold on lower timeframes. Apart from that, the minutes from Fed’s Beige Book weakened the

On an hourly scale, gold prices have rebounded firmly after successfully testing the previous lows near $1,690.00 with lower selling pressure. A Double Bottom formation is followed by a strong rally, which indicates a bullish reversal, and more gains are expected ahead.Confuse Which Broker is best ? , Here you can find the best regulated broker

greenback. Fed banks believe that price pressures have softened the consumption pattern. The households have postponed the demand for durable goods due to higher payouts.  

 

 

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