Technical timeframe analysis: Gold

From monetamarkets.com

Gold has consolidated this week just above the recent lows after selling off dramatically on the hawkish Fed last week. There has been little positive reaction to the recent chorus of Fed speakers, similar to the dollar which is a key driver of the yellow metal holding its gains. Powell’s more cautious testimony on Tuesday failed to excite gold bugs which indicates potential further weakness, especially as more risky assets are shining. Lasting elevated inflation with a cautious Fed should help prices as gold is often seen as a hedge against rising costs, but more hawkish noises and rate markets moving higher will ... (full story)