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Gold VS. Powell

23 Nov,2021
Gold VS. Powell

Gold got pulled in a sharp move overnight, with President Biden nominating Powell for a second four-year term. In turn, investors started quickly betting on quicker than expected interest rate hikes while feeling a sort of relief for more certainty over the course of the upcoming terms of monetary policy.

Gold entered a negative territory hitting its lowest level in more than 2 weeks at 1802.20. while closing at 1804.63. down from 1846.92 and down from last week's new high of $1876.

Gold consolidated near strong support at 1800.00 after the strong decline, with the dollar's strength as well, as the USD was supported by fundamentals including further tightening of monetary policy by the federal reserve.

Resistance levels start at 1812, then 1822, all the way to the 3rd resistance at 1832.58 and 1850. 

While support levels start at 1800, 1790, 1782 then 1772.

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