Gold prices were seen recovering from declines earlier in the week. Fed Chair Powell, in a speech said that the central bank would restart its balance sheet program once again. The Fed chair said that the central bank will start purchasing treasury bills. The move comes after the Fed initially started to unwind the balance sheet that it amassed during the QE era.
XAU/USD Retests Upper Range. Will it Breakout Higher?
Gold prices were seen rising back to the upper end of the range at 1508. The gains in price action come after gold prices initially slipped to the downside. However, gold needs to break out to the upside rather convincingly in order to confirm further upside. A close above the 1508 level will potentially see gold prices rising to the next upside target of 1532