Gold Price Futures (GC) Technical Analysis – Weakens as USD Firms on Powell’s Hawkish Testimony

Gold Price Futures (GC) Technical Analysis – Weakens as USD Firms on Powell’s Hawkish Testimony

From fxempire.com

Gold futures are edging lower late in the session on Thursday as the U.S. Dollar firmed following hawkish comments from U.S. Federal Chairman Jerome Powell. Gold lost its luster after Powell reiterated more aggressive monetary tightening to tame inflation, even at the expense of putting economic growth at risk. Losses were likely limited by a plunge in U.S. Treasury yields, following the release of weaker-than-expected economic data. At 17:28 GMT, August Comex gold futures are trading $1829.70, down $8.70 or -0.47%. The SPDR Gold Shares ETF (GLD) is at $170.43, down $0.88 or -0.52%. Powell told the House Finance ... (full story)

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