Trump voice his concerns about higher interest rates. US Dollar Index falls off a cliff, breaks below 95. Gold turns flat on the day near $1227. The XAU/USD pair staged a strong recovery in the NA session after the USD came under a heavy selling pressure following US President Donald Trump unorthodox comments about the Federal Reserve’s monetary policy. In the last 30 minutes, the troy ounce of the precious metal added more than $10 and was last seen trading at $1228, where it was up around 50 cents on the day. In an interview with CNBC, Trump said that he was not thrilled about the Fed’s rate hikes and was concerned that higher interests would nullify the work that his administration has done in the name of boosting economic expansion. With these comments, Trump became the first president in more than twenty years to deliver direct comments on the monetary policy. Pressured by these remarks, the US Dollar Index, which seemed to be on track to close the day in the positive territory above the 95 mark, fell sharply and was down 0.1% on the day at 94.75 at the time of writing. In the meantime, the 10-year T-bond yield is down 1% on the day while major equity indexes in the U.S. are recording losses, reflecting a weak market sentiment that helps gold find demand as a safe-haven. There won’t be any other macroeconomic data releases in the remainder of the day and the USD valuation is likely to continue to drive the pair’s price action. Technical levels to consider On the upside, the initial resistance for the pair aligns at $1230 (daily high) ahead of $1242 (20-DMA) and $1248 (Jul. 12 high). Supports, on the other hand, could be seen at $1220 (Jul. 18 low), $1211 (daily low) and $1200 (psychological level). 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 CME Group FedWatch Tool’s December rate hike odds ease to 53% after Trump comments FX Street 5 years Trump voice his concerns about higher interest rates. US Dollar Index falls off a cliff, breaks below 95. Gold turns flat on the day near $1227. The XAU/USD pair staged a strong recovery in the NA session after the USD came under a heavy selling pressure following US President Donald Trump unorthodox comments about the Federal Reserve's monetary policy. In the last 30 minutes, the troy ounce of the precious metal added more than $10 and was last seen trading at $1228, where it was up around 50 cents on the day. In an interview with CNBC, Trump said that… 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.