Jan 28, 2022 18:06pm

J.LIn

Bull
Trade4Invest
Head of Analyst Team
Gold price hits more than two weeks low during Friday’s Asian session.

Gold price hits more than two weeks low during Friday’s Asian session. Hovering around $1790, approaching January low as U.S. yields pause previous declines and US dollar extending gains above 97. 

Russia-Ukraine tensions boost safe-haven appeal, gold price used to hit two-month high at $1853 early this week. However, prices above $1850 lies strong resistances. 

Then FOMC meeting led gold price to pull back further. US Federal Reserve signal their first interest-rate hike since 2018, setting the stage for a March move to cool red-hot inflation. 

After FOMC statement and FED chair Powell's hawkish comments, gold price reverses the previous uptrend, silver futures also traded lower in reaction to the meeting. 

Spot gold is posting a weekly loss, the first time in three weeks. After breaking $1800 mark, Gold prices still facing corrective pullback in the short term. Now the price is looking for support at the lower end of uptrand channel start from min-December, that said the $1780/50 would be crucial to defend.