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Gold price extends its sideways consolidative price move ahead of Fed Chair Powell’s speech
This report was created by OXShare
The price of gold (XAU/USD) does not have a clear direction for the day and is fluctuating between small gains and losses, staying below the $1,970 mark during the first half of the European session on Wednesday. Despite this, the valuable metal is able to stay above its lowest point in two weeks, which was around the $1,957–1,956 range reached on Tuesday. Traders are now cautious and want more information about the Federal Reserve’s plans regarding interest rate increases before making any new bets on the market.
Several important members of the Federal Open Market Committee (FOMC) recognized the strength of the US economy and took a more aggressive stance this week, causing uncertainty about what the next policy decision will be. As a result, the upcoming speeches by Fed Chair Jerome Powell today and on Thursday will be closely examined for any new hints about the central bank’s short-term policy plans. These speeches will also have a significant impact on the price of Gold, which does not generate any yields, and will help to determine the next significant movement in its value.
Before the significant upcoming event, the US Dollar is observed to be strengthening and gaining momentum for the third consecutive day after a decent recovery from its lowest point since September 20. This hinders the price of Gold, but there is still some support and limited losses for the safe-haven XAU/USD due to a generally weaker sentiment in the stock markets and increasing worries about the deteriorating economic situation in China.
Are you interested in receiving weekly forecasts for XAU/USD? Our team of experts regularly provide updates and predictions on the potential future movements of the gold-dollar pair. Check out the latest forecast made by our market professionals here.
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