Gold Price Forecast: Holding ground below $1,850.00

US Federal Reserve chief Jerome Powell will testify before the Senate on Wednesday.Gold Price hovers around $1,838 a troy ounce, unchanged on a daily basis. The week started slowly amid a holiday in the US and a scarceelsewhere. Stock markets took a breath from their recent collapse, with European indexes closing in the green and providing mild support to US futures.

will testify on the Semi-Annual Monetary Policy Report before the Senate. Powell will repeat its testimony before a different commission on Thursday.Demand for the greenback temporarily receded on Monday, helping the bright metal to hold ground. However, and from a technical point of view, the risk is skewed to the downside. XAUUSD is stable below directionless moving averages, while technical indicators head nowhere below their midlines.

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