The tide appears to have changed once more in favor of Gold buyers.
The price of gold is currently above $1,950, where it has been for the past ten months. For XAU/USD to continue rising, it must overcome the $1,960 resistance. The US Federal Reserve rise of 0.25%, which was widely anticipated and priced in, drowned the US Dollar the day before, causing the price of gold to spike. The Fed announcement indicating declining inflation pressure and Chairman Jerome Powell's suggestions of rate reduction by late 2023 if inflation lowers quicker, however, received the majority of attention. Additionally helping the XAU/USD bulls were negative US data, expectations of additional Chinese stimulus, positive stocks, and lower US Treasury bond yields.
The price of gold is currently above $1,950, where it has been for the past ten months. For XAU/USD to continue rising, it must overcome the $1,960 resistance. The US Federal Reserve rise of 0.25%, which was widely anticipated and priced in, drowned the US Dollar the day before, causing the price of gold to spike. The Fed announcement indicating declining inflation pressure and Chairman Jerome Powell's suggestions of rate reduction by late 2023 if inflation lowers quicker, however, received the majority of attention. Additionally helping the XAU/USD bulls were negative US data, expectations of additional Chinese stimulus, positive stocks, and lower US Treasury bond yields.
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