Gold prices continue to move below the $ 1900 level after two days of Federal Reserve (Fed) Chairman Jerome Powell speaking. The event will continue until Thursday.
If you look at the movement of the gold price on the XAU / USD chart yesterday, the price is flat above the level of 1900.00 but still failed to break after the price plunged more than 700 pips the day before.
Gold prices have continued to plummet since the start of the Asian session this morning below the 1900.00 level continuing to the European session following the strengthening US dollar.
Market risk-off sentiment gives the US dollar an advantage to strengthen as a safe-haven currency, drowning in gold.
In addition, it added to the strength of the current US dollar following a speech by Jerome Powell who expressed confidence in the resilience of the US economy in the face of crisis while Chicago Fed President Charles Evans said the central bank could raise interest rates faster even before reaching the 2% inflation target.
The price of gold has fallen almost to the level of 1870.00 with the decline as of 5 pm local time has reached 300 pips.
With the bearish trend in yellow metal trading, prices are expected to fall lower until the end of this week's trading.
Rising prices will be monitored by investors whether the price can rise again above the level of 1900.00.
