Gold prices were slightly volatile on Thursday, but reeling after four straight days of declines as uncertainty over the Federal Reserve's next interest rate decision kept traders wary of the yellow metal.
Bullion prices briefly touched three-month lows on Wednesday, breaking a month-long lull after Fed Chairman Jerome Powell testified before the House Financial Services Committee of Congress that interest rates may have to increase higher to contain inflation.
Powell is now set to testify before the Senate Banking Committee later in the day, potentially giving more signals about future rate hikes. Any signal on monetary policy is likely to impact gold prices, as the yellow metal is sensitive to US yields.
With the hawkish thinking of the Fed and the thesis of keeping interest rates at the current high level of 5.25, gold continues to be wary of investors.
XAUUSD
BUY 1928 - 1930 💯💯
✅ TP1: 1945
✅ TP2: 1950
✅ TP3: 1960
🛑 SL: 1923
Bullion prices briefly touched three-month lows on Wednesday, breaking a month-long lull after Fed Chairman Jerome Powell testified before the House Financial Services Committee of Congress that interest rates may have to increase higher to contain inflation.
Powell is now set to testify before the Senate Banking Committee later in the day, potentially giving more signals about future rate hikes. Any signal on monetary policy is likely to impact gold prices, as the yellow metal is sensitive to US yields.
With the hawkish thinking of the Fed and the thesis of keeping interest rates at the current high level of 5.25, gold continues to be wary of investors.
XAUUSD
BUY 1928 - 1930 💯💯 ✅ TP1: 1945
✅ TP2: 1950
✅ TP3: 1960
🛑 SL: 1923
