Gold is trying to erase recent losses. Can we expect the upward movement to continue?
The price of gold has risen almost $ 40 during todayâs session and has clearly breached the $ 1,750level and is heading towards the highest levels since September 27. Other precious metals record significantly smaller increases. Interestingly, we do not observe the same dynamic movements on the dollar or TNOTE. The upward wave started right after the release of US data, which were rather mixed. Some analysts believe Powell's speech before Congress may have changed a lot. Today, the second day of the hearing takes place and evidently the Fed chairman softened his tone a bit compared to Tuesday's hearing and yesterday's speech at the ECB conference.
A massive rebound in gold prices began this afternoon. Upward movement accelerated right after US data releases and the publication of Powell's speech. The price of gold has already increased by approx. 2%! Source: xStation5
