The precious metal posted gains on Wednesday after the Fed Chair Powell hinted that the Fed was ready to cut rates. He cited the economic uncertainty but said that the federal deficit could potentially push interest rates higher.
Will XAUUSD Maintain the Gains?
The gains came after the precious metal was hovering close to the 1384 handle, following the break of the rising trend line. But the comments from the Fed Chair saw the precious metal reversing direction. After breaking past the resistance level of 1404, gold prices could be on track for further gains. The next upside target is seen at the previous highs at 1432.
