XAU/USD : Gold Faces Crucial Support Ahead of Powell's Speech

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By analyzing the gold chart on the 4-hour timeframe, we see that the price is still grappling with the support zone between $2320 and $2323. Today, we are expecting a speech from Mr. Powell in a few hours, which could lead to significant market fluctuations. Markets are looking for signs of whether the Federal Reserve will continue to raise interest rates. Any indication of a rate hike could strengthen the dollar and cause gold and stock prices to drop. Conversely, if Powell indicates that rate hikes will stop, the dollar might weaken. Markets will closely listen to Powell's speech for any hints of changes in monetary policies or economic outlook. His speech could have significant impacts on the markets. We must pay close attention to the key points of his remarks and, considering current market expectations, be prepared for potential volatility.

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Best Regards , Arman Shaban