Gold Price Forecast: Dovish Fed hike spurs recovery in XAU/USD Gold XAUUSD SEO
Federal Reserve Chairman Powell highlights banking risks, suggesting these may do the work of tightening for the Fed. after the March FOMC meeting on Wednesday, reaching a peak of $1,978, close to where it still trades on Thursday at the start of the European Session.
"Possible tightening in credit conditions may mean monetary tightening has less work to do," said Powell.The US Dollar, which has an inverse relationship to Gold price, fell after the Fed meeting, since the expectation of lower interest rates tends to be negative for the currency. , which measures the value of the USD against a weighted basket of counterparts fell 0.14% on Wednesday to close at 101.97.
Since ‘the trend is your friend’, as the saying goes, the probabilities support a continuation higher, with a break above the $1,984 highs of the previous bar signaling an extension higher. 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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