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Gold Price Forecast: Gold Slip continues below $1795 – Neal Bhai

Gold Price Forecast: Spot gold (Yellow Metal) prices broke below a key area of support in recent trade, tumbling beneath both the 200 and 50-day moving averages, both of which sit close to $1795. As of right now, prices have recovered a little and gold price trading around $1785, meaning prices are down only, about 0.8% on the day. This follows Monday’s steep 2.2% down and means dollar-denominated gold has lost nearly $60 in value so far this week.

Gold Silver Tips : MCX Silver Gold Jackpot Tips- Neal Bhai Reports

Traders will remember that the bulk of the decline was triggered on Tuesday as markets reacted hawkishly to the news of Jerome Powell’s renomination as Chairman of the Fed for a second term. The hawkish reaction was a result of market participants unwinding bets that Lael Brainard would be announced as the new Chair, potentially heralding in a more dovish policy lean. As it happened, Lael Brainard was picked as the new Vice Chair of the Fed, and will replace Richard Clarida in the role in February.

Gold Price Forecast And Trading Tips