Gold steadies ahead of Fed Chair Jerome Powell’s speech later today. On the daily chart, last April’s sell-off zone around 1950 has proved to be a tough barrier to crack. A sharp fall below 1900 and the 30-day SMA (1880) forced leveraged positions to liquidate, exacerbating volatility. If the current support at 1860 cannot stop the bleeding, 1825 would be the next level to see if bids start to emerge. On the upside, a bounce to the supply zone around 1905 is likely to meet offers from those who caught the falling knife.
