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Gold Pulls Back From Highs Ahead of US Inflation Release
Gold prices are a little cooler through the middle of the week following a reversal from yesterday’s highs. After testing the 1.61% fib extension level around 2.949.88, the futures market as seen reversing to end the day lower. The move comes in response to comments from Fed’s Powell yesterday which further diluted near-term Fed easing expectations. Speaking during the first session of his two-day semi-annual testimony to congress, Powell said that progress had been made on inflation but the bank is no rush to cut rates again and can afford to see more progress. Commenting on jobs, he said the labour market has ... (full story)
