With the decline in risk aversion and the decreasing likelihood of the Fed cutting interest rates within the year, gold prices have been very weak this week, not only missing the very critical 2000 mark in the early stage, but also very close to the 1950 line, which means that the bears are beginning to occupy a short-term advantage, if the Fed continues to release an aggressive attitude, then it is not ruled out that gold prices will have to be under pressure before the next decision
The White House and Congress are close to reaching an agreement to raise the debt ceiling, triggering cautious optimism that benefits the dollar and further weakens gold's appeal. U.S. President Joe Biden and congressional Republican leader Kevin McCarthy stressed their determination to reach an agreement as soon as possible to raise the federal government's $31.4 trillion debt ceiling and avoid an economically catastrophic default.
Fed Chairman Jerome Powell and former Chairman Ben Bernanke attend a panel discussion on monetary policy.
Reminder: The market fundamentals coming to the last trading day of the week are not particularly active, mainly depending on the speeches of Fed officials, but given that gold prices continue to weaken this week, if the Fed continues to release aggressive attitudes, it may continue to form bearish conditions.
Stick to the idea and stay bearish, now this market has rebounded but has never broken through the suppression of 1970, and now it seems that 1970 has become a key position. And now the intraday bearish trend is still dominating the lows.
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Powell will speak tonight
