Gold Rocketing Just After U.S. Fed Chair Powell’s Pre Testimony Statements; July 14, 2021

Gold spiked up sharply as Powell released pre testimony statements on U.S. economy outlook and bong buying tapering program.

Let’s take a look on key headlines Prepared Form Congressional Testimony:

  • Fed Chain Powell: Monetary Policy Will Deliver ‘Powerful Support’ Until ‘Recovery Is Complete’
  • Job Market ‘Still A Ways Off’ From Progress Needed To Begin Bond-Buying Taper
  • Fed’s Powell: Household And Business Balance Sheets ‘Quite Strong,’ Core Financial Institutions ‘Resilient
  • Strong Job Gains Expected To Continue In Coming Months As Health Crisis Continues Easing
  • Inflation Likely To Remain Elevated ‘In Coming Months’ Before Easing, Expectations ‘Broadly Consistent’ With Fed Target

Technical View:

XAU/USD (Gold):

  • The gold strengthens on Wednesday and touches $1,829 mark in early U.S. session.
  • The pair made intraday high at $1,829 and low at $1,804 mark.
  • Currently, a day chart is bearish but H1 chart with triple EMA suggests bullish trend for the time being.
  • A sustained close above $1,828 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,810 will check further supports.
$1,802 $1,830
$1,794 $1,834
$1,789 $1,839
$1,784 $1844
$1,776 $1,851

Take a look and do trade wisely!
Good Luck