Fed Chair Powell’s Testimony

Fed Chair Powell’s Testimony

Fed Chair Jerome Powell is going to conduct 3 day Testimony starting from today itself. As the head of the central bank, he has more influence over the nation’s currency value than any other person. Traders scrutinize his public engagements as they are often used to drop slight clues regarding future monetary policy.

Let’s see how Gold has reacted during the previous data release:

May 19:

June 16 & 17:

June 30:

Technical View:

XAU/USD: Gold remained highly volatile in previous session as Fed introduced CRA (Community Reinvestment Act) and also got positive response from the FOMC members as well. Today pair made intraday high at $1,920 and low at $1,906 mark. A sustained close above $1,975 requires for the upside rally. On the other side, consistent close below $1,902 will check key supports as well. Key support levels are seen around $1,902, $1,882, $1,870, $1,862, $1,849, $1,840, $1,822, $1,809 and $1,787 mark respectively. Key resistances are seen at $1,922, $1,932, $1,940, $1,947, $1,957, $1,972, $1,982, $1,994, $2,008, 2,020, 2,038 and $2,063 marks respectively.

Take a look and do trade wisely!

Good Luck