Gold price is higher above $1970 during early New York trading session ahead of the Fed. Fed Powell’s speech will be crucial for gold buyers as 0.25% rate hike priced in. XAUUSD tested 1950 support and bounced yesterday which opened the path to $1970. However, a supply zone from May, around $1983 - 1987, appears a tough nut to crack for the XAUUSD bulls. We will be looking for Fed Powell press conference later today for trading opportunities.
Comment:
Moving as expected, book your Gold profits now.
Trade closed: target reached