Chart Of The Day: Determining The US Dollar’s Next Likely Move – Investing.com

Chart Of The Day: Determining The US Dollar’s Next Likely Move – Investing.com

Yesterday, that based on fundamentals, should have weakened after the Federal Reserve Chairman, Jerome Powell, made a clear, strong case for tightening monetary policy. However, as we demonstrated in that post, from a technical perspective the yellow metal is probably aiming higher. 

As with the precious metal, the 's relatively muted response to arguably the most hawkish comments in recent memory from the head of the Fed was surprising.

As well, noted safe havens including gold and the USD have been wavering. Both assets are being whipsawed by headlines about the newest COVID-19 variant, Omicron. Since there remains much that is yet unknown about the new COVID strain, every negative or positive news report drives markets lower or higher accordingly.