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Gold price eases from all-time high, downside seems limited ahead of Fed Chair Powell’s testimony
Gold price (XAU/USD) edges lower during the Asian session on Wednesday and reverses a part of the previous day's positive move back closer to the all-time high reached in December 2023. The downtick could be attributed to some profit-taking amid extremely overbought conditions on the daily chart and some repositioning trade ahead of the Federal Reserve (Fed) Chair Jerome Powell's congressional testimony. Investors will closely scrutinize Powell's remarks for fresh cues about the Fed's rate-cut path, which will play a key role in influencing the US Dollar (USD) price dynamics and provide a fresh directional impetus to ... (full story)