Gold continues to increase in price!
Gold prices saw a slight uptick at the close of the North American trading session, rising 0.22% after Fed Chair Jerome Powell’s hawkish remarks. Economic data from the U.S. was mixed, though Monday’s retail sales report and Powell's comments drove U.S. Treasury yields higher, limiting the gains for the yellow metal.
From a technical standpoint, XAU/USD is poised to extend its gains. The daily chart indicates that technical indicators have regained momentum after adjusting for overbought conditions, with the pair forming higher highs and higher lows. Additionally, all EMA lines are trending upwards, reflecting sustained buying interest.
From a technical standpoint, XAU/USD is poised to extend its gains. The daily chart indicates that technical indicators have regained momentum after adjusting for overbought conditions, with the pair forming higher highs and higher lows. Additionally, all EMA lines are trending upwards, reflecting sustained buying interest.
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