Persistent US Dollar demand maintains XAU/USD under pressure, with the pair trading near a fresh two-week low of $1,950.93 a troy ounce.
XAU/USD Current price: $1,956.70 Global equities struggle for direction as policymakers cool down hopes for rate cuts. Federal Reserve Chair Jerome Powell could comment on monetary policy on Thursday. XAU/USD corrective slump could extend towards a critical Fibonacci support at $1,933.26.
However, he will be again on the wires on Thursday, as he is due to participate in a panel discussion titled Monetary Challenges in a Global Economy, in which he would be more likely to make relevant comments. XAU/USD short-term technical outlook From a technical point of view, the daily chart for XAU/USD shows the pair has room to extend its decline as it gains downward traction below a now flat 20 Simple Moving Average , providing dynamic resistance at $1,965.30.
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