XAUUSD Comment: Gold will return
Spot gold was flat at $1,937.58 an ounce, while gold futures steadied at $1,948.75 an ounce by 20:15 ET (00:15 GMT). Both instruments sank between 0.6% and 0.8% on Tuesday, also coming under pressure from stronger-than-expected U.S. housing data.
But despite falling for three straight days, gold prices were still trading within the $1,930 to $2,000 an ounce trading range seen since mid-May, amid a dearth of major catalysts for more movement.
While concerns over rising interest rates have limited any major gains in the yellow metal, it has also remained underpinned by expectations for worsening economic conditions later in the year. Focus is now on Powell's testimony, which is potentially expected to provide more cues on how the Fed plans to treat interest rates amid worsening economic trends this year.
XAUUSD BUY 1937-1940 💯💯
✅ TP1: 1945
✅ TP2: 1950
✅ TP3: 1955
🛑 SL: 1932
But despite falling for three straight days, gold prices were still trading within the $1,930 to $2,000 an ounce trading range seen since mid-May, amid a dearth of major catalysts for more movement.
While concerns over rising interest rates have limited any major gains in the yellow metal, it has also remained underpinned by expectations for worsening economic conditions later in the year. Focus is now on Powell's testimony, which is potentially expected to provide more cues on how the Fed plans to treat interest rates amid worsening economic trends this year.
XAUUSD BUY 1937-1940 💯💯✅ TP1: 1945
✅ TP2: 1950
✅ TP3: 1955
🛑 SL: 1932
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