Gold has been sold off from 1956-1958 to 1911-1913 because the market has predicted a hawkish Fed policy. Mr. Powell testifies on June 21, 22 has confirmed that the Fed will make 2 more hikes in 2023.
On H4 gold chart, gold broke the 1970-1940 trading zone to the down size, and it has dropped to 1911-1913 after the breaking.
Today, June 23, gold is making a correction after getting good support around 1911-1913. The 1921-1923, 1931-1933, 1939-1941 are key zones which gold may be sold off if gold ends its correction.
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