Gold spiked up sharply as Powell released pre testimony statements on U.S. economy outlook and bong buying tapering program.
Let’s take a look on key headlines Prepared Form Congressional Testimony:
- Fed Chain Powell: Monetary Policy Will Deliver ‘Powerful Support’ Until ‘Recovery Is Complete’
- Job Market ‘Still A Ways Off’ From Progress Needed To Begin Bond-Buying Taper
- Fed’s Powell: Household And Business Balance Sheets ‘Quite Strong,’ Core Financial Institutions ‘Resilient
- Strong Job Gains Expected To Continue In Coming Months As Health Crisis Continues Easing
- Inflation Likely To Remain Elevated ‘In Coming Months’ Before Easing, Expectations ‘Broadly Consistent’ With Fed Target
- The gold strengthens on Wednesday and touches $1,829 mark in early U.S. session.
- The pair made intraday high at $1,829 and low at $1,804 mark.
- Currently, a day chart is bearish but H1 chart with triple EMA suggests bullish trend for the time being.
- A sustained close above $1,828 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,810 will check further supports.
Take a look and do trade wisely!