Gold Price News and Forecast: XAU/USD holds steady near $1724-25 area
|Gold going sideways ahead of powell’s testimony on monetary policy
The gold futures contract lost 0.58% on Monday, as it retraced some of its last week's advance. The price has been breaking above $1,750 mark recently. But it came back closer to $1,700 yesterday. Last Wednesday's FOMC Statement came out as a short-term game-changer. Stock prices reversed lower and gold spiked higher. However, it is still trading within a medium-term consolidation, as we can see on the daily chart.
Gold is trading 0.2% higher this morning. What about the other precious metals? Silver lost 0.47% on Monday and today it is 0.1% lower. Platinum gained 0.33% and today it is 0.4% higher. Palladium lost 0.28% on Monday and today it is trading 1.2% higher. So precious metals are going sideways this morning. Read More...
Gold holds steady near $1724-25 area, Powell’s testimony eyed for fresh impetus
Gold dropped to fresh session lows, around the $1717-16 region in the last hour, albeit lacked any strong follow-through and was last seen trading in the neutral territory.
Investors cheered the Fed's announcement on Monday that it will start buying purchasing a diversified range of investment-grade US corporate bonds. The global risk sentiment got an additional boost from reports that the Trump administration was preparing an additional $1 trillion infrastructure spending bill. Read More...
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