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XAU/USD remains strong – TDS

Gold is trading higher ahead of Chairman Powell’s testimony before Congress on Tuesday, notes Ryan McKay, Senior Commodity Strategist at TD Securities.

Traders look for clues in Jerome Powell’s testimony

“Precious metals remain strong as weaker jobs data raises the odds of a tapering start by the Federal Reserve (Fed) in September. In this regard, traders are watching for any hints in Chairman Powell’s testimony before Congress today.”

“As sentiments cool regarding the Fed calendar, macro interest may be starting to pick up in Gold as ETF positions continue to rise in July, after June saw the first monthly increase since May 2023.”

“Also, while Chinese gold stocks remained flat for the second consecutive month amid its buying pause, major traders on the Shanghai Futures Exchange (SHFE) have again added to their net positions, highlighting that Asian demand will remain strong.”

Source: Fx Street

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