Gold Price News and Forecast: XAU/USD giving up the days gains as US dollar firms on Powell's Pressser

Gold Price Analysis: XAU/USD needs to top $1,969 after the Fed's blow – Confluence Detector

Gold has been suffering in response to the Federal Reserve's decision. The world's most powerful central bank only reiterated its commitment to low rates but refrained from pledging more bond-buying. The lack of new funds is weighing on the precious metal. Moreover, Federal Reserve Chairman Jerome Powell seemed to signal that the next move depends on the federal government by saying that further stimulus would help.

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Gold giving up the days gains as US dollar firms on Powell's Pressser

Gold prices, XAU/USD, are trading at $1,953 between a range of $1,949.91 and $1,973.78, down some 0.02% on the day so far where the Federal Open Market Committee has been the main focus. The interest rate decision and statement were released without any changes to the benchmark interest rate unchanged.

The target range stands at 0.00% - 0.25% while the interest rate on excess reserves unchanged at 0.10%. FOMC statement says it would be prepared to adjust if risks emerge that would impede goals

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