The Fed testimony going on right now, is causing lots of choppiness in the market as well as gold's price. Price has fallen 0.31% at the time of writing this and as Powell answers questions from the Senate Banking Committee.
It seems that the Fed is in no hurry to tighten grip on dollar inflation and continue to let inflation run its course which could be bearish for the dollar. The uneasiness in the Fed's monetary policy could be a good sign for the gold bulls, especially as inflation will not be tended to anytime soon paired with the increasing number of jobless claims.
Price on the 4H chart is coming down today and could end up reaching support around $1817 which served as a triple top before. If that breaks, we could see support at the bottom of the rising trendline. Gold also has significant resistance where its 200 SMA is which also happens to be its 200 DMA.
This is gold on the 1D timeframe to show price retracing from its 200 DMA. This candle looks bearish already and could lead price down to support around $1798.
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