XAUUSD 23/06: Gold remains supported in the medium to long term

XAUUSD Thursday saw a fresh sell-off in Gold prices as the US Dollar made an impressive comeback against aggressive comments from the Fed and risk aversion.

The Fed will end its rate-raising cycle at some point this year and begin cutting it next year. This forms a structural support for Gold in the medium to long term.

Now, attention turns to PMI reports for a fresh look at the health of the global economy. If the Eurozone and US data is upbeat, that could boost the US Dollar's recovery and stabilize financial markets in the coming days.

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The Federal Reserve is likely not to increase capital requirements for small banks.

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Fed chief Jerome Powell again signals more rate hikes are likely this year, prompting weakness in the equity and energy markets and the focus on the latest round of central bank speakers.