Gold holds 0.45% higher as Powell testifies before the joint committee. The support level of USD 1450 per ounce is still holding. Key Comments From Powell: The US faces longer-term issues, including labor force participation and productivity Less Room For Rate Cuts Compared With Before – New Normal Is Lower Rates, Inflation & Economic Growth The Fed thinks it has repo market issues under control On longer-term interest rates they have just been declining for 40 years now because inflation being lower and being under control Lower interest rates, lower inflation, and you’re probably seeing that all over the world. Gold Daily Chart Looking at the gold chart below the USD 1450 per ounce level has held firm. There was also some trendline support from an internal trendline that was respected in the past. Now the most prominent resistance is at USD 1480 per ounce. The price has formed this bull flag pattern now but it has a long way to go to reach the top of the flag. 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 FOMC Chairman Powell testimony: There is a need to reduce US deficit FX Street 3 years Gold holds 0.45% higher as Powell testifies before the joint committee. The support level of USD 1450 per ounce is still holding. Key Comments From Powell: The US faces longer-term issues, including labor force participation and productivity Less Room For Rate Cuts Compared With Before - New Normal Is Lower Rates, Inflation & Economic Growth The Fed thinks it has repo market issues under control On longer-term interest rates they have just been declining for 40 years now because inflation being lower and being under control Lower interest rates, lower inflation, and you're probably seeing that all over the world.… 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.
