XAU / USD Recovers ahead of Powell and Biden Speeches

After the start of the American session, gold rallied and broke through $ 1943, marking a new daily high of $ 1852. However, the asset has not yet managed to gain a foothold above $ 1850. Now he is consolidating in anticipation of the speeches of Powell and Biden.

Next, players will focus on the performance of the chapter Fed Powell, and tomorrow morning the new President Biden will unveil a new relief program. According to forecasts, the size of the program is expected to be approximately $ 2 trillion, which is already included in the prices. As for Powell, hints are expected from his speech about the further direction of monetary policy.

Wall Street indexes opened in positive territory, despite previously published weak numbers. The dollar index has retreated from the previous two-day high of 90.58 over the last hour and is now trading flat around 90.35.

Resistance in XAU / USD lies at $ 1850 (100-hour SMA) and $ 1863 (weekly high), support at $ 1843 and $ 1835.


Karice Dabule

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