Fed Chair Jerome Powell was renominated by the White House for another term of 4 years.
Gold bulls were not too pleased with Powell widely expected to keep inflation pressures in check within the next 2 years.
The Daily chart below shows price dropping back into the familiar 1750-1850 dollar range.
The H4 chart below shows a possible left shoulder forming off a head-and-shoulder top. If spot gold clears support at 1820 convincingly, the next target is 1800 and then 1775 dollars.
The hourly chart shows a slightly different scenario. Spot looks a bit exhausted and may face short-covering ahead of support at 1810 dollars.
The targeted support and resistance levels are in the latest colored boxes on the respective charts.
Price action would have to cross their respective colored zones to confirm any meaningful change or extension in trend.
As always, all prior support and resistance lines were still respected and will likely continue to be.
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All displayed chart support/resistance lines are either historical levels or actual confirmed order book levels currently being traded by major players based on available market intelligence.
Disclaimer: This content is for educational purposes only. It does not constitute trading or investment advice. Past performance does not indicate future results. Do not invest more than you can afford to lose.
