Gold dips on stronger dollar.
Gold under the bearish pressure today as a stronger dollar made gold more expensive for holders of other currencies and investors awaited U.S. inflation data and Federal Reserve Chairman Jerome Powell’s testimony this week. Gold market lost momentum after the U.S. Federal Reserve adopted a more hawkish stance, raising prospects for a rise in interest rates as early as 2023, and a tapering of its monetary stimulus. Gold traders will focus on a U.S. consumer price index report on Tuesday, and Powell’s testimony before Congress on Wednesday and Thursday for cues on the timeline for policy tightening. Short-term downward pressure on gold will be limited by an upsurge in new infections caused by the Delta coronavirus variant.
Next support to watch – 1795.00
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