Gold Price Forecast: Bears Target $1,950 Support Level as Traders Await Powell's Remarks
TL;DR
Gold prices are facing renewed selling pressure as hawkish comments from Fed policymakers dampen hopes of a more dovish stance. The Dollar Index is attempting a recovery but struggling at a key resistance level. Fed Chair Powell's upcoming speech may shed light on monetary policy. Technical analysis suggests that gold could decline further towards the $1950 level, with key support levels to watch. Retail traders are overwhelmingly long on gold, raising the possibility of further downside.
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- Gold price weaker just ahead of Powell remarks Kitco NEWS
- Gold lacks momentum as traders seek more Fed cues Reuters
- Gold miners ETF (GDX) looking to end zigzag correction FXStreet
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