The price of Gold rose to the resistance level of $1,825 per troy ounce.
Quotes jumped on Wednesday after Fed Chairman Jerome Powell assured investors that the central bank will continue its adaptive monetary policy, despite the surge in inflation. Powell's comments really strengthen the belief that, despite the strong growth in consumer prices, the Fed still adheres to a fairly flexible policy.
Investors on Wednesday also welcomed statements by officials of the European Central Bank that the regulator will not tighten monetary policy too early. Gold is very sensitive to rising interest rates, especially in the US, which increases the opportunity cost of owning an interest-free precious metal. Chinese funds were actively buying Gold as a result of the recent fall in prices. The recovery in demand for physical Gold also supported the markets. As a result, the quotes reached the maximum level for the month and retain the potential for further recovery to the resistance level of $1,900.
Forex trading. Gold exchange rate forecast for today, July 13, 2021
The forecast assumes an increase in the price of Gold to the levels of 1830, 1835 and 1845 Dollars per ounce.