The GOLD price is down today, following the downward trend with strong selling pressure and hawkish comments from Federal Reserve officials.

Asian stocks were up this morning, but the demand for US government bonds is easing as the Federal Reserve continues to raise interest rates.

The US 10-year treasury yield is now near 3.42%. As for the US dollar index, it is showing a lackluster performance thus far, oscillating around its historic range above 101.60.

With signs of declining inflation, it might look like the goal has been reached, but that’s not true. Inflation is still way below target and needs to be at 2%. Despite the Fed’s interest payments announcement, a continuation is possible.

From a recent survey, Fed chair Jerome Powell will hold off on the interest rate hikes for the rest of CY2023.

Gold Technical Outlook

GOLD price continued to rise today and closed its daily candlestick above its previous high. This opened the way for new gains and helped us achieve new highs at $1,950.

It’s highly likely for the bullish bias to be suggested for the upcoming period based on the EMA50 shown above. However, should it fail to hold above $1,928.60, then currency traders will experience an under-pressure market that heads further towards $1,900 intraday first.

Today, there is a great potential for trading between $1,915 and $1,950.

The expected trend for today: Bearish