Gold has been pressured during the press conference following the Fed interest rate decision. XAU/USD is into negative territory and on the verge of testing key hourly support. 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%. Key takeaways from the statement FOMC statement says it would be prepared to adjust if risks emerge that would impede goals The Fed is forecasting 2.0% inflation in 2023 and 4.0% unemployment. 2023 Fed fund dot plot shows four dots above zero, median unchanged. The Fed Chair Jerome Powell is now hosting a press conference where the next bout of volatility could come from which is so far giving the USD a little boost. The DXY hit a high of 93.28 during the presser. There are upside technical arguments for the dollar that could weigh on the bullish trajectory of gold for which many expect to see in coming weeks. DXY daily chart We have argued that there is a supportive positioning slate in gold, with few weak hands remaining, as prices held fairly strong in relative terms despite elevated correlations across assets in the post-pandemic world, analysts at TD Securities argued. Indeed, the Fed has given a dovish signal through the wording on QE, the extension of the dot plot through 2023, and the Chairman’s press conference has been somewhat balanced towards the dovish side. Over time, this will open up the door to an extension in the average maturity of Treasury purchases. In this context, we argue that the balance of risks is tilted towards a breakout higher. Gold levels Bears are taking on the bullish commitments at key hourly support: From a longer-term analysis, gold is expected to move higher following consolidation and a 50% mean reversion retracement of the weekly rally. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Powell speech: There is risk that lack of fiscal support will show up in economic activity FX Street 2 years Gold has been pressured during the press conference following the Fed interest rate decision. XAU/USD is into negative territory and on the verge of testing key hourly support. 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%. Key takeaways from the statement FOMC statement says… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.