USDX has found strong support at 105.29, which should be low in place in the last week. Meanwhile, the gold price trend slows down at $1,740 on Wednesday.
Traders turn to the Fed’s Powell’s speech and refer the Beige Book at midnight. Investors would like to review the US economic growth rate with an outlook for the job market from the Fed’s point of view to provide the critical signals regarding future rate hikes, which greatly affects the path of the US dollar and gold.
XAUUSD – 4 Hourly Chart
On Wednesday, after a two-day plummet, gold prices stopped falling after gaining support at $1,740 ahead of guidelines from Fed Powell’s speech and Beige Book. If Powell speaks with a dovish tone, the target is above $1,764. Conversely, it will look at the recent low of $1,732.
