Gold Price News and Forecast: XAU/USD extends recovery moves above $1,800 with eyes on Fed’s Powell
|Gold Price Analysis: XAU/USD needs to crack $1821 to unleash further upside, Powell eyed – Confluence Detector
As US President Joe Biden’s stimulus package heads towards House vote, Gold’s (XAU/USD) comeback from multi-month lows gathers momentum into the third straight session this Tuesday. Gold is building on Monday’s 1.5% surge, as rising worldwide inflation expectations bode well for the inflation-hedge.
The retreat in the US Treasury yields and rising import demand from India have also helped the metal reach weekly tops. Although gold’s further upside hinges on the Fed Chair Jerome Powell’s testimonies due on Tuesday and Wednesday.
Gold Price Analysis: XAU/USD extends recovery moves above $1,800 with eyes on Fed’s Powell
Gold refreshes intraday high to $1,814.93, up 0.22% on a day, during Tuesday’s Asian session. In doing so, the quote rises for the third consecutive day amid the US dollar weakness and upbeat market sentiment. However, the cautious mood ahead of Federal Reserve Chairman Jerome Powell’s bi-annual testimony tests the bulls.
The latest push to the yellow metal should have taken clues from the chatters of removing the virus-led activity restrictions from Tokyo and Australia’s Victory. Also favoring the mood could be the news suggesting China’s likely economic recovery, shared by Economic Information Daily.
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