Gold remains within familiar levels, but sellers hold the grip XAU XAUUSD $XAU $XAUUSD
Fed Chair Jerome Powell said that higher interest rates are likely painful and could cause a recession.XAUUSD remains within familiar levels, but sellers hold the grip.
Chief Powell kick-started his speech saying that the central bank is strongly committed to bringing inflation down and that the ongoing interest rate increases will remain appropriate. By the end of the event, he added that they would never take any size of rate hike off the table, regardless higher interest rates are likely to be painful and could cause a recession.
In the near term, and according to the 4-hour chart, the pair’s bias is neutral to bearish. Moving averages head marginally lower, with the 100 and 200 SMA converging since mid-June, a sign of absent directional strength but still hinting at bears’ dominance. Technical indicators, in the meantime, seesaw around their midlines, now heading south, although without confirming another leg lower.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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