Spot Gold Technical Forecast – Above $1278, No Selling – Gold Target $1303—$1318 – Buy on Dips

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.

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Neal Bhai has been involved in the Bullion and Metals markets since 1998 – he has experience in many areas of the market from researching to trading and has worked in Delhi, India. Mobile No. - 9899900589 and 9582247600

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