Traders now price in a 60% chance of a Fed rate cut in September, as political pressure on the central bank intensifies.
Republican Rep. Anna Paulina Luna has officially accused Fed Chair Powell of perjury, while Treasury Secretary Scott Bessent has called for a full inquiry into the institution.
Earlier this month, former Fed Chair Janet Yellen told The New Yorker that these actions “…are the ones one expects from the head of a banana republic that is about to start printing money to fund fiscal deficits.”
Amid this backdrop, gold surged past $3,390 per ounce. The 1-hour XAU/USD chart shows strong bullish momentum supported by the Ichimoku cloud: price is well above the cloud with a clean breakout and lagging span confirmation. Immediate resistance sits at $3,400, with a potential extension toward $3,440–$3,450 if bullish pressure holds.
Meanwhile, EUR/USD remains in an uptrend on the daily chart, bouncing from pitchfork support. A sustained move above 1.1700 could reopen the path toward 1.1800+.
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