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Gold prices reversed downwards after yesterday's upsurge, as the Fed's hawkish rhetoric boosted the US dollar and decreased demand for the precious metal.
Yesterday, gold increased by $5.90 to $1,818.90 per ounce. On Monday, the precious metal gained 0.3%.
Silver prices advanced by 0.9% to $21.750 per ounce.
Precious metals were supported by weaker USD and a small decline of US Treasury bond yields.
However, USD rallied following Fed chairman Powell's statements during an event held by the Wall Street Journal.
The Fed chairman said the regulator would slow down its tightening cycle only when inflationary pressure clearly and visibly eases.
US Treasury yields jumped on Powell's hawkish statements, giving support to the US dollar and pushing down gold.
Today, the quote fell below the 200-day SMA, increasing trader anxiety over its potential downtrend and leading to increased activity by bears.
At the time of writing, gold decreased by 0.5% from yesterday's closing price and was trading near $1,810.
However, many analysts think only a breakout below $1,800 would confirm the renewed downtrend.
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