GOLD 21/6!!! Gold near post-Powell lowsGold prices remained just above their lowest level in three months on Wednesday, as they suffered significant losses in the previous session due to traders shifting their focus to the dollar in anticipation of further information on U.S. interest rates.
Later in the day, Federal Reserve Chair Jerome Powell is scheduled to testify before Congress, which could provide more insight into the future of monetary policy and interest rates following the mixed messages from the Fed last week.
The uncertain stance of the Fed prompted some investors to move their assets into the dollar, given that the central bank paused its rate increase cycle but indicated the possibility of more hikes later in the year. Consequently, gold prices were negatively affected and remained relatively stagnant within a narrow trading range observed over the past month.
Prediction of sideways gold price in the price range $1920 - $1955
Today, can put 2 entry at:
BUY GOLD: zone $1925- $1927
SELL GOLD: zone $1949- $1951
Combine 2 EMA 34, EMA 89 and finonaccy signal to have 2 beautiful support and resistance entry areas
