XAU is in a period of sky-high prices
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Director of Investment Strategy at abrdn, said that Fed Chairman Jerome Powell's testimony before Congress last week appeared to be the turning point that the market has been waiting for for a long time.
During a two-day hearing on Capitol Hill, Fed Chairman Jerome Powell told Congress that risks to the economy now hang in the balance. "Rising inflation is not the only risk we face," Mr. Powell emphasized in prepared remarks.
Immediately after these comments, gold prices held the $2,400 support level and even surpassed the peak of the two-month accumulation period. The August gold futures contract set a new record at a price of 2,470.20 USD/oz.
This breakthrough took place in the context that the market was almost completely confident that the Fed would reduce interest rates in September.
During a two-day hearing on Capitol Hill, Fed Chairman Jerome Powell told Congress that risks to the economy now hang in the balance. "Rising inflation is not the only risk we face," Mr. Powell emphasized in prepared remarks.
Immediately after these comments, gold prices held the $2,400 support level and even surpassed the peak of the two-month accumulation period. The August gold futures contract set a new record at a price of 2,470.20 USD/oz.
This breakthrough took place in the context that the market was almost completely confident that the Fed would reduce interest rates in September.
Note
SELL XAU 2474 TP1: 2364
TP2: 2460
SL: 2483
Note
Running + 40 pipsNote
Running + 70 pipsNote
Running + 90 pips
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