Gold prices remained subdued on Wednesday as the U.S. dollar gained strength following hawkish remarks made by Jerome Powell at a central banking forum hosted by the ECB. By late afternoon, the XAU/USD was down by approximately 0.15% to $1,910, approaching its lowest level since March 15 and heading towards a monthly decline of over 2.5%.
During a panel discussion in Sintra, the FOMC chief highlighted that the bank's policy-setting might not be restrictive enough. He emphasized that a majority of Fed officials support raising borrowing costs twice more in 2023. While some traders are skeptical about the possibility of an additional 50 basis points of tightening this year, this scenario should not be disregarded.
Despite some doubts, the U.S. economy has shown remarkable resilience thus far, and traders should not underestimate its strength. However, if incoming data continues to surpass expectations, policymakers will be compelled to move forward with their plans to raise the terminal rate to address persistent inflationary pressures.
downtrend is still strong, you can buy sell at: SELL GOLD zone at: $1924 - $1926 sl $1936
In the short term, you can wait for the price to recover 1 beat and then sell. Based on technical indicators EMA 34, EMA 89 to determine the resistance point $1926
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right trend
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The price is hesitant at the price zone of 1905
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tonight have news Final GDP and Unemployment Claims. Everyone enter orders carefully