Gold is trying to erase recent losses. Can we expect the upward movement to continue?
The price of gold has risen almost $ 40 during todayās session and has clearly breached the $ 1,750level and is heading towards the highest levels since September 27. Other precious metals record significantly smaller increases. Interestingly, we do not observe the same dynamic movements on the dollar or TNOTE. The upward wave started right after the release of US data, which were rather mixed. Some analysts believe Powell's speech before Congress may have changed a lot. Today, the second day of the hearing takes place and evidently the Fed chairman softened his tone a bit compared to Tuesday's hearing and yesterday's speech at the ECB conference.
A massive rebound in gold prices began this afternoon. Upward movement accelerated right after US data releases and the publication of Powell's speech. The price of gold has already increased by approx. 2%! Source: xStation5
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile appThis content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr SÄ dowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
