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XAU/USD Climbing, USD Under Pressure
USD is under pressure after FED Chairman Powell Testifies yesterday, as market already predicted his hawkish tone.
He believes that current surge in Omicron infections will not have long term impact, and US economy is healthy enough for some monetary stimulus withdrawal.
source: reuters.com/business/feds-powell-heads-hill-hearing-with-inflation-focus-2022-01-11/
The recent cryptocurrency slip and an increase of the treasury yield may also have contributed to gold’s trend, as the potential for tightening monetary policy could be the reason markets moved towards lower-risk markets.
Precious metal price remains bullish ahead of US CPI data, another jump in the US CPI could attract more buyers to hold gold and against high inflation.
1st Resistance: 1834
2nd Resistance: 1848
1st Support: 1795
2nd Support: 1764
He believes that current surge in Omicron infections will not have long term impact, and US economy is healthy enough for some monetary stimulus withdrawal.
source: reuters.com/business/feds-powell-heads-hill-hearing-with-inflation-focus-2022-01-11/
The recent cryptocurrency slip and an increase of the treasury yield may also have contributed to gold’s trend, as the potential for tightening monetary policy could be the reason markets moved towards lower-risk markets.
Precious metal price remains bullish ahead of US CPI data, another jump in the US CPI could attract more buyers to hold gold and against high inflation.
1st Resistance: 1834
2nd Resistance: 1848
1st Support: 1795
2nd Support: 1764
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