Gold Declines Despite Powell’s Easy Stance

From sunshineprofits.com

Powell testified before Congress and reiterated the Fed’s dovish stance, but nevertheless, gold continued to slide. On Tuesday, Powell testified before the United States Senate Committee on Banking, Housing, and Urban Affairs. He offered no big surprises, so the markets were little changed. But the price of gold ended that day with a slight loss, as the chart below shows – perhaps just because Powell didn’t surprise, and struck a dovish tone. chart Anyway, what did the Fed Chair say? In his prepared remarks, Powell acknowledged the improved outlook for later this year. As I noted in the last edition of the ... (full story)