Powell Didn’t Come to Gold’s Rescue – What Now?

From sunshineprofits.com

Powell’s testimony to Congress failed in generating a rebound in gold prices; thus, the bearish trend could continue. On Tuesday (June 22) the Fed Chair testified before the Select Subcommittee on the Coronavirus Crisis, U.S. House of Representatives. Before Powell’s appearance in Congress, there were some hopes that he would soften the Fed’s hawkish signals from the previous week. However, these hopes only partially materialized. This is because Powell’s testimony was basically a confirmation of the last FOMC meeting. In particular, he reiterated the view that higher inflation would be transitory, as “a ... (full story)