Gold broke down as the Fed looks set to tackle high inflation
Gold prices fell in the aftermath of Federal Reserve Chairman Jerome Powell testimony before the Senate Banking Committee. In his remarks, he dropped the reference to ‘transitory’ inflationary.
Mr Powell said that the economy is strong and inflationary pressures are high. He looked at the next Fed meeting for a discussion to wrap up the asset purchasing program a few months earlier than previously anticipated.
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My view is cautiously bearish if the price stays below $1795. Also I do not set a clear target, what you see is just a prediction of the direction of movement of the price action. Trading signals should have specific entry, take profit and stop loss levels. Use this chart to help you determine the direction of price movement and gain an edge.
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The price rallied slightly after reaching the first target, but remains in a descending channel.
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XAUUSD price is weak and may reach the second target soon.
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The price remained above $1770 and Friday's closing price broke the downward channel of the 4H time frame. Turned from cautiously bearish to neutral.