Gold Down Ahead of Fed Speeches | Forex News | Gold Price | Gold News Today

 Gold News

Gold inched down on Monday morning in Asia ahead of speeches by U.S. Federal Reserve officials later in the week, with losses capped by a weak dollar. Gold futures were down 1.32% at $1,936.50, while the dollar was down on Monday.

Investors are turning their focus to Fed Chairman Jerome Powell, who is scheduled to appear before the U.S. Congress later this week, for further guidance on the Fed’s approach to inflation. Other Fed committee members, including Charles Evans, Raphael Bostic, Lael Brainard, James Bullard, Mary Daly and John Williams, are also scheduled to deliver speeches.

“The focus on Jerome Powell will be how much he is going to try to sway the Senate to provide more stimulus, more stimulus in the U.S. could lead to a weaker U.S. dollar and that would be positive for gold,” AxiCorp chief market strategist Stephen Innes.

A surge in new COVID-19 cases in Europe also helped cap loses, with the U.K. contemplating a new national lockdown. Countries such as Denmark and Greece already re-implemented restrictive measures during the previous week.

On the technical front, the GOLD RSI is at 45.26% and suggests that the market can move in the downward direction. The current price is trading below all moving averages. The stochastic is forming a downside crossover. Short-term sell trades can be initiated with below mentioned Stop Loss and Profit targets.

Trade Suggestion– SELL GOLD At 1919.10 Take Profit At 1902.52 Stop Loss At 19356

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