Gold (December) reached an overnight low of $1189.50. Prices are bouncing (currently $1199). As long as the $1189.50 low holds, I’ll consider this a routine pullback in a developing uptrend. Below $1189.50 and more downside becomes likely.
In the coming hours, gold needs to push its way back above $1200 and $1205 to promote more upside. A decisive rally and daily close above $1215 would strongly support a bottom at $1167.10.
Expect increased volatility. Prices could move sharply in either direction once Powell begins his 10:00 AM speech.