Gold is consolidated in the $1640s in wind-down markets ahead of Fed's Powell
The markets are quieter in Asia following a strong performance on Wall Street with US stocks bouncing back from the prior session's lows. Gold has moved into consolidation between $1,647.60 and $1,650, resting in wind-down markets into the Easter holidays following an almost full reversal from the mid-March lows.
The focus was the minutes from the Federal Reserve’s March 3 and March 15 meetings which revealed anxiety over the virus and the extremely large degree of uncertainty. There was a muted reaction to the minutes as they didn't show anything that hasn't already been priced in.
Gold Price Analysis: Stuck in a short-term descending triangle above 200-HMA
Gold prices remain mildly positive near $1,647 amid the early Thursday morning in Asia. The bullion has been trading in a range between $1,641 and $1,658 off-late. Even so, it does portray a descending triangle bullish formation on the hourly (H1) chart.
In addition to the triangle’s resistance line, 50-HMA also increases the importance of $1,653 as the near-term key upside barrier. While MACD and RSI are both signaling neutral sentiment, the continuation of a broad recovery should remain on the cards.
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