Gold prices dropped as oil prices puts pressure on US yields, causing the dollar to rise. Gold spot prices are currently standing at 1318.11.
Bond prices were under pressure hammering resistance level and then moving lower. Fed chair Powell was on the hill again testifying in front of the House of Representatives. The mood of the discussion focused on the Fed’s Balance sheet.
Gold price turned lower. Moving average 10 is near at level 1324.97 and moving average 50 at 1329.97,
Both Moving average is moving below the current price of gold, which is showing a pressure downtrend.
But Stoch RSI is seen below 20% which show oversold and showing a potential rebound in the long run.