Gold prices edged higher late in Tuesday’s North American session, gaining 0.22% following a hawkish tilt by Federal Reserve Chair Jerome Powell.
Gold climbs, reacting to Fed Chair Powell's hawkish comments and mixed US data. Tensions in the Middle East escalate, influencing Gold 's status as a safe-haven asset. Market expectations reduce the likelihood of multiple Fed rate cuts this year. Economic data from the United States was mixed, though Monday’s Retail Sales report and Powell’s remarks kept US Treasury yields higher, capping the yellow metal’s advance. XAU/USD trades at $2,388 after hitting a daily low of $2,363.
Technical analysis: Gold buyers remain in charge despite RSI being in overbought levels Gold is upwardly biased, though the uptrend seems overextended, increasing the risks of a pullback. Nevertheless, according to Dow Theory, the trend is more likely to continue than reverse. That said, after dipping on Friday, the Relative Strength Index is aiming upward again, with buyers stepping in, opening the door to challenge the $2,400 figure.
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