The Fed representative, Powell’s optimistic view on the US economy supported USD which made the Gold chart decline.
The support rests at 1220.50 with resistance at 1228.44 which both lines are below the weekly pivot point at 1247.60. The EMA of 10 is moving with bearish bias in the descendant channel and it is below the EMA of 200 and the EMA of 100. The RSI is moving in oversold area, the Stochastic is showing downward momentum and the MACD line is below the signal line in the negative territory. The ADX is showing strong sell signal. The price is below the Ichimoku Cloud and the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a downward trend.
The price may decline towards 1220 but this level will remain the floor and the correction pattern may start soon.