Gold continued to increase in today's trading session based on expectations of US monetary easing.
Gold has room to increase strongly in the short term because the Fed will not let the US economy weaken. The Fed will soon cut interest rates.
Interest rate cuts could take place this year. Reiterating the need for more evidence to show that the fight against inflation has been successful, the Fed Chairman said that inflation has decreased significantly. The USD saw a sell-off and US bond yields fell slightly after Mr. Powell's remarks.
Gold is likely to rise higher as optimism still prevails. However, bullion may take some time to absorb Mr. Powell's general comments as well as see the employment report due to be released later this week.
Gold has room to increase strongly in the short term because the Fed will not let the US economy weaken. The Fed will soon cut interest rates.
Interest rate cuts could take place this year. Reiterating the need for more evidence to show that the fight against inflation has been successful, the Fed Chairman said that inflation has decreased significantly. The USD saw a sell-off and US bond yields fell slightly after Mr. Powell's remarks.
Gold is likely to rise higher as optimism still prevails. However, bullion may take some time to absorb Mr. Powell's general comments as well as see the employment report due to be released later this week.
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TP1: 2138
TP2: 2128
SL: 2164