Gold Price Forecast: Gold picks up momentum on dollar’s weakness

Reserve chief Jerome Powell. In the hearings before the Senate amid his nomination for a second term, the leader of the US central bank mixed a hawkish view of the economy with a cautious approach to the reduction of the balance sheet.from the December meeting sent investors into pricing in firmer tightening, his words today were seen as more dovish, as Powell said noted that the balance sheet runoff could happen "perhaps later in the year.

In the near term and according to the 4-hour chart, gold is firmly bullish, bouncing from around its 100 SMA and currently above all of its moving averages, as technical indicators approach overbought readings.View Live Chart for the XAU/USD If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

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