Jerome Powell's statement regarding a moderate rate hike strengthened market expectations that the Fed will only raise the benchmark interest rate by 50 bps in December.
The Fed's interest rate hike has become gold's 'enemy' this year. Gold falls every time the Fed raises the benchmark interest rate. Powell warned that the Fed may remain restrictive for a long time before ending the inflation war.
Technically, Gold prices are bullish during this week, but the bullish movement will be limited to the resistance area.
Prices tend to move between support and resistance within the price range (marked blue area)
the RSI 14 indicator shows close to the limit of overbought values which indicates a bullish signal that is not too strong, tends to continue with a reversal or sideways.
The Fed's interest rate hike has become gold's 'enemy' this year. Gold falls every time the Fed raises the benchmark interest rate. Powell warned that the Fed may remain restrictive for a long time before ending the inflation war.
Technically, Gold prices are bullish during this week, but the bullish movement will be limited to the resistance area.
Prices tend to move between support and resistance within the price range (marked blue area)
the RSI 14 indicator shows close to the limit of overbought values which indicates a bullish signal that is not too strong, tends to continue with a reversal or sideways.
