Gold Silver Reports (GSR) – On Thursday, less than a week after turning dovish, U.S. Federal Reserve Chairman Jerome Powell shifted the conversation from monetary policy to concerns about the ballooning amount of United States debt.
Spot Gold Technical Forecast – Above $1278, No Selling – Gold Target $1303—$1318 – Buy on Dips
Spot Gold Bullish Trand
A sustained move over $1289.20 will indicate the presence of buyers. The first target is yesterday’s high at $1298.00. This is followed by the closing price reversal top at $1300.40.
Watch out $1278 could trigger an acceleration to the upside with the next target @ $1303. Overcoming this angle will put gold in a strong position with the next target @ $1318 level.
“I’m very worried about it,” Powell said at The Economic Club of Washington, D.C. “From the Fed’s standpoint, we’re really looking at a business cycle length: that’s our frame of reference.
The long-run fiscal, nonsustainability of the U.S. federal government isn’t really something that plays into the medium term that is relevant for our policy decisions.”
However, “it’s long-run issue that we definitely need to face, and ultimately, will have no choice but to face,” he added.