Powell is not hawkish enough to worry the gold market as prices hold near-term support

- The Federal Reserve is maintaining its tightening bias; however, the hawkish stance is not enough to worry the gold market as the price holds its elevated levels below $2,000 an ounce.

"Is monetary policy restrictive enough to bring inflation down to 2%? That is what we are asking ourselves," said Powell in his press conference following the monetary policy decision.Powell's confirmation of the Fed's tightening bias caused gold prices to briefly drop to a five-day low; however, the precious metal quickly recovered and continues to hold support above its 200-day moving average.

"The Fed did not rule out a rate increase in the coming months, but swap contracts showed traders weren't convinced. The Fed tried to deliver a hawkish hold, but Wall Street is not believing additional tightening will happen this cycle," he said.

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