Gold Technical Analysis: Dollar Strength May Invite Buying

From dailyforex.com

The Federal Reserve re-affirmed its desire to tighten its monetary policy as soon as possible, which increased the gains of the US dollar, and thus downward pressure on gold. The metal fell to the support level of $1761 this morning, after attempts to rebound yesterday towards the $1788 level. The price of gold stabilized lower after the US Federal Reserve hinted at reducing its bond purchases in the near future and raising interest rates by the end of 2022. The Fed said that moderation in the pace of asset purchases may be justified if the US economy continues to advance as expected. The US central bank currently ... (full story)