Fed’s Jerome Powell Speech Triggered a Rally in Gold

Trading | 1 month ago

Fed’s Jerome Powell Speech Triggered a Rally in Gold - tradeglobalmarket

Gold futures and CFD's rallied higher on Tuesday with the support from the Fed’s Jerome Powell Speech. It is trading well above the important $1800 price level and a significant break above from this level could indicate a very bullish signal.

XAUUSD - Daily

XAUUSD - Weekly

According to the volume reports from several index, the demand for gold in cash and CFD markets has seen an uptrend since last week. Fed’s Jerome Powell Speech triggered a rally in Gold when he announced that asset tapering is expected to begin in this year but not in the month of September. Gold prices are dictated by the Value of U.S. dollar and the cumulative returns of treasury yields. Gold is the only commodity which acts as a currency due it's inherent Industrial and economical demand.

According to financial analysts and commodity experts, gold prices will continue to attract the investors due to the concern regarding the economic uncertainty associated with the highly contagious delta variant of the coronavirus. However, there may be some increased volatility in gold in the next few days due to the major economic data reporting. Gold market may go back and forth during the course of the next few trading sessions.

The long-term technical outlook for gold is bullish. In the current situation, gold prices are likely to touch $1900 price level. This is supported by the Stochastic RSI reading of the daily chart. Therefore, one must look for buying opportunities in gold near $1825 price level.


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