Gold stability remains cautious
With increasing uncertainty about the path of prices, traders are oscillating between the temptation of a rally and the concern that it has been exhausted and that the market has become overbought.
This week, US Federal Reserve Chairman Jerome Powell will present his semi-annual report to Congress on Wednesday. Speakers this week include St. Louis Federal Reserve President James Bullard and his counterparts in New York and Chicago. Last week's decision came with expectations that borrowing costs would rise by 5.6 percent in 2023, which means a quarter-point or half-point increase in the interest rate before the end of the year.According to the performance on the daily chart below, the XAU/USD gold price still tends to decline.
At the beginning of the week's trading, the price of gold stabilized around the level of 1958 dollars an ounce. The bulls will not control the trend again without moving towards the $1972 and $1985 resistance levels, respectively, which in turn moved the price towards the $2000 psychological resistance level.
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