Gold remained depressed for the second consecutive session on Tuesday. The downside remains limited ahead of the Fed Chair Powell’s testimony. The set-up still supports prospects for a slide back to August monthly lows. Gold slipped below the $1900 mark during the early European session, albeit lacked any strong follow-through and recovered a bit thereafter. The precious metal failed to capitalize on the previous day’s late rebound of around $30 from six-week lows and met with some fresh supply on Tuesday amid a stronger US dollar. Investors remain concerns that the second wave of coronavirus infection could lead to fresh lockdown measures and halt the current global economic recovery. This, in turn, continued benefitted the greenback’s status as the global reserve currency and undermined the dollar-denominated commodity. This coupled with some stability in the US equity futures further dented the precious metal’s safe-haven status. A slight improvement in the global risk sentiment was evident from a goodish rebound in the US Treasury bond yields, which further contributed to the offered tone surrounding the non-yielding yellow metal through the first half of the trading action on Tuesday. However, expectations that the Fed Chair Jerome Powell will reaffirm to keep interest rates lower for longer during his congressional testimony later this Tuesday. This makes it prudent to wait for some strong follow-through selling before positioning for any further near-term depreciating move. That said, the commodity still seems vulnerable to slide further towards retesting August monthly swing lows support near the $1863 region. Technical levels to watch 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 Yearn.finance Price Forecast: YFI flight to the moon was the beginning of a downfall FX Street 2 years Gold remained depressed for the second consecutive session on Tuesday. The downside remains limited ahead of the Fed Chair Powell’s testimony. The set-up still supports prospects for a slide back to August monthly lows. Gold slipped below the $1900 mark during the early European session, albeit lacked any strong follow-through and recovered a bit thereafter. The precious metal failed to capitalize on the previous day's late rebound of around $30 from six-week lows and met with some fresh supply on Tuesday amid a stronger US dollar. Investors remain concerns that the second wave of coronavirus infection could lead to fresh… 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.