XAU increased after the Fed chairman spoke

The spot price of gold (XAU/USD) soared last night to more than 2,328 USD/ounce after Fed Chairman Jerome Powell spoke. Mr. Powell affirmed that cutting interest rates now is inappropriate until inflation shows clear signs of returning to the 2% target. He also added that this year's inflation data is "not convincing enough" to change the Fed's stance.

The DXY index fell back to trading around 105.7 after rising above 106.0 early yesterday. This has invisibly created conditions for many major currency pairs to recover quite well

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