XAUUSD: The Fed is the main factory driving the price of gold
Updated
Gold remains stagnant due to the uncertainty caused by the Federal Reserve and the current state of the economy. Jerome Powell, the Federal Reserve Chair, is set to speak before Congress on Wednesday, providing further insight into U.S. monetary policy following the recent pause in rate hikes. However, the news of a potentially higher peak interest rate this year has put downward pressure on gold, as it suggests the possibility of more rate hikes from the bank in response to persistent inflation.
Gold price opened the session around $1950, stabilizing the average price of $1930 - $1965
Today can put 2 beautiful entry points to the order
Long entry 1939-1941
Short 1955-1957
Based on 2 moving averages technical analysis EMA 34, EMA 89 combined with the Finonaccy indicator to get a nice support point
Gold price opened the session around $1950, stabilizing the average price of $1930 - $1965
Today can put 2 beautiful entry points to the order
Long entry 1939-1941
Short 1955-1957
Based on 2 moving averages technical analysis EMA 34, EMA 89 combined with the Finonaccy indicator to get a nice support point
Trade active
SELL activeNote
Gold continues to rise after breaking key antibodyBreaking key resistance at $1,950.00 as markets expect just one more rate hike from the Fed this year. XAUUSD is up 0.12% on the day, now at $1,951
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