Exness – Jerome Powell. Gold Sideways

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Exness has put together some of the most important news and events that may affect your trades in the near term.

Jerome Powell Hinted Nothing about the Future Potential Rate. Will Gold Continue its Sideways?

  • Yesterday, Jerome Powell delivered his speech in Stockholm. Unfortunately, there were no hints of the potential action in the upcoming FOMC.
  • On the other hand, tomorrow, there will be announcements related to inflation that may set the tone for the FOMC meeting.
  • If the inflation rate prints a higher number, there will be a higher expectation of an extended rate hike.
  • From a technical perspective, Gold retested the USD1,880 per troy ounce resistance and remained above USD1,860 per troy ounce.
  • If Gold can close above USD1,880 per troy ounce, it may continue to hit its next target at around USD1,920-1,950 per troy ounce.
  • On the contrary, if Gold fails to break the level, it may continue its potential sideways at around USD1,850-1,865 per troy ounce.
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