XAUUSD rejoice as market waits for more signal.
“Safe haven stages a rebound while market participants wait for Powell’s testimony.”
Gold prices regain its upside momentum as US dollar begins to experience pullback due to depreciating Treasury bond yield. While market participants anticipates Federal Reserve to prolong its interest rate hike, they are currently waiting for more confirmation from other Fed officials especially Chairman Jerome Powell who is more tilted towards dovish. For the time being, investors will pay attention towards testimony by Powell, which is scheduled next week, in hopes to gain further affirmation on Federal Reserve’s policy guidance.
XAUUSD, Daily: Gold price rebounds abruptly after closing below 1824, suggesting strong uptick in buying pressure due to a change in fundamentals. MACD which begins to form bullish signal suggests the bullion to extend further upwards in short-term, towards the direction of 1869.
Resistance level: 1869.30, 1912.50
Support level: 1824.70, 1775.30
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