XAU/USD Gold Price Forecast: Fed Powell's Key Focus

<p>&nbsp;Today the gold market is waiting for the official speech by the chairman of the Federal Reserve (Fed) Jerome Powell which is scheduled to take place at 12.00 midnight tonight.</p><p><br /></p><p>The latest trading market sentiment is that the December 2023 FOMC will see interest rates on hold and the implementation of interest rate cuts as early as March 2024.</p><p><br /></p><p>This sentiment is also supported by the evidence of the release of "Personal Consumption Expenditure (PCE)" data that was published yesterday where it remains unchanged compared to October 2023.</p><p><br /></p><p>This data is one of the main components of the inflation reading indicator in America.</p><p><br /></p><p>"Gold Futures" Market Analysis</p><p>The value of "open interest" on gold futures trading is seen to have decreased by almost 8700 trades today.</p><p><br /></p><p>The decrease in trading volume and the value of "open interest" provides an early indication that gold futures market trading remains on the "Uptrend" side.</p><p><br /></p><p>A decrease of 8700 contracts compared to the total of 65000 shows that trading will continue until the price level of $2,067.</p><p><br /></p><p>Technical Analysis (Daily Chart)</p><p>Any "Dovish" sentiment issued by Fed Powell could support gold prices around $2,080 after the price resistance at $2,052 was successfully broken.</p><p><br /></p><p>However, if otherwise, $2,022 will be a temporary gold support price before continuing to the price level of $2,022 – $2,012.</p>