Gold prices struggle amid hawkish Fed testimony and position adjustment.

Gold prices are at risk of a deeper selloff as the market remains steady without new drivers, according to MKS PAMP. The longer gold trades sideways, the more it is at risk. The $1,940-$1,950 an ounce range is known as a bear trap, and predatory paper shorts have taken gold down almost $30. With Federal Reserve Chair Jerome Powell remaining hawkish and projecting two more rate hikes this year, all of the 2023 rate cut bets are off the table. There are still three major drivers out there that support a rally in gold - aggressive central bank gold buying, robust physical demand, and retail coin and bar purchases.