Gold is consolidating its recovery below $1890, as higher US dollar and yields limit the upside. the main target now remains on Powell’s Q&A session during his testimony afterward Tuesday, FXStreet’s Dhwani Mehta briefs.
See – Gold Price Forecast: Bearish pressure may ebb in the week – OCBC
XAU/USD awaits Powell for a meaningful recovery above 100-DMA
“The renewed optimism over the US infrastructure stimulus deal favors gold bulls. Markets also reassess the Fed’s monetary policy goals, especially after the text of Fed Chair Jerome Powel’s testimony released early Tuesday. Powell said inflation had accelerated but should withdraw toward the central bank’s 2% target once supply imbalances resolve.”
“All eyes remain on the Fed Chair’s Q&A session during his testimony on the Fed’s emergency lending programs and current policies before the House Select Subcommittee on the Coronavirus Crisis.”