XAUUSD – After Powell’s Speech, Gold Is Losing Its Shine!The gold market has entered a tense phase after Fed Chairman Jerome Powell’s remarks on October 29. Although the Fed cut rates by 0.25% as expected, Powell maintained a cautious and slightly hawkish tone, leading investors to doubt the possibility of an aggressive easing cycle ahead. As a result, the USD strengthened while gold lost its upward momentum — a clear signal that the bearish trend is taking control.
On the H2 chart, gold is moving within a well-defined descending channel , consistently forming lower highs and lower lows. Each attempt to retest resistance has been met with strong rejection, confirming that sellers remain in control.
The 3,960,000 zone is acting as a key resistance level where price could bounce slightly before continuing its decline. If this level fails to break, the next bearish targets lie around 3,850,000 and deeper towards 3,790,000, aligning with the lower boundary of the channel.
With the current technical setup and market sentiment favoring the USD, every pullback in gold is merely an opportunity for sellers to take action.
When Powell says “cautious,” the market hears “sell gold!”
