Hello traders, a few things you should read before trading!
Technical analysis:
The price line is currently experiencing a downward trend in the short term, as indicated by the EMAs reversing. The RSI is slowly moving below the average. There is a strong support level at 1940. It is expected that gold will gradually decline to 1940 and then rise again in the near future.
Market overview:
Federal Reserve Chairman Jerome Powell is scheduled to appear before Congress on Wednesday, which may offer insights into the future direction of US monetary policy following the recent pause in rate increases by the central bank. Meanwhile, the price of gold is facing downward pressure due to the Fed's decision to raise interest rates, signaling the possibility of further rate hikes as a measure to control inflation.