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. 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. 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 Canada’s Freeland: Planned counter tariffs against US ‘are strong and they need to be’ FX Street 5 years 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. 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… 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.