Fed Chair Powell: US Economy Quite Resilient, Growth to Stay Above 2%

Powell's comments sustain expectations for interest rate cuts while reducing recession fears. GOOGL stock is trading above its 20- and 50-day moving averages, and although the RSI at 68 is approaching overbought territory, it is not yet at dangerous levels. The MACD remains below the signal line but in positive territory, indicating potential for a short-term correction. Overall, the positive macroeconomic outlook and technical structure support the stock's upward movement in the near term.

The news includes Fed Chair Powell's positive assessment of the US economy. This could increase the potential for a short-term recovery in the dollar index (DXY), despite it being in oversold territory (RSI 23.4). However, weakness in technical indicators (MACD below zero, price below SMAs) suggests any rally may be limited. Powell's comments may support market confidence, but given the current downtrend, a strong move is not expected even if the direction is upward.

Powell's emphasis on a resilient economy and growth above 2% could weaken expectations for interest rate cuts. This creates a negative environment for non-yielding assets like gold. Technically, GLD is trading below its 20- and 50-day moving averages, with an RSI of 44 in weak territory. The MACD line remains below the signal line, supporting a short-term bearish trend. The 1.4% decline in the last 24 hours confirms negative momentum. However, since the news is not entirely unexpected and the market has partially priced it in, I do not expect an excessive downturn.