Gold Price News and Forecast: XAU/USD's upside capped buy 5-week SMA

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD bulls face an uphill battle despite dovish Powell – Confluence Detector

Gold (XAU/USD) consolidates its overnight recovery above $1800, having capitalized on Fed Chair Jerome Powell’s dovish comments. Powell signaled Tuesday the Fed was nowhere close to unwinding its easy policy amid uneven economic recovery.

Gold bulls also weigh in the reports that the House will vote on the US stimulus bill this Friday, as the US Treasury yields correct further from yearly highs. Markets await the Day 2 of Powell’s testimony and a slew of Fedspeak for fresh directives.

Gold Price Analysis: XAU/USD's upside capped buy 5-week SMA

Gold trades near $1,810 per ounce at press time, having failed to take out the descending or bearish 5-week Simple Moving Average of $1,816 on Tuesday. The sellers failed to establish a foothold under the November low of $12,764 last week, and the metal has risen by more than 1% this week.

Even so, it's too early to call a bullish reversal, as the descending trendline falling from the record high of $2,075 reached in August is still intact.

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