Gold prices reach fresh yearly lows

Spot gold extends decline to $ 1,283.32 a troy ounce, lowest since Dec. 22nd.
Fed's Powell added nothing new, but reiterated the hawkish stance, hurting the bright metal.

FXStreet Team FXStreet

As US equities gain upward traction and the dollar resumes its advance, gold prices fall to fresh yearly lows, with spot falling so far to $ 1,283.32 a troy ounce. The bright metal spent the day ranging but finally gave up amid persistent positive mood.

Earlier in the day, comments from Fed's head, Jerome Powell about the US economy and upcoming monetary policy developments had no effect on the safe-haven metal, as he added nothing new to what the market already knows, but at the end, he repeated the hawkish stance presented last week, undermining safe-haven gold.

Spot is currently trading at levels last seen December 22nd, and is poised to extend its decline given that in the daily chart, the 20 DMA gains further downward traction far above the current level and below the 100 and 200 DMA, while technical indicators accelerated their declines, with the Momentum within negative levels, and the RSI entering oversold territory. The 1,261.00 price zone is now the immediate support as the metal has several intraday highs and lows around it from late November, early December, with a break below it favoring a test of a strong static support area t 1,245.20.

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