GOLD sideway waiting for Jackson Hole
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During the Asian session on Friday, gold prices faced challenges in maintaining their streak of success, hovering around $1,915 per troy ounce. The current focus is on the recovery of the precious metal after experiencing losses over the past four weeks. This anticipation stems from an upcoming speech by Jerome Powell, Chairman of the US Federal Reserve, at the Jackson Hole Symposium.
Despite a stronger US Dollar (USD), gold has displayed resilience due to conflicting discussions within the Fed at Jackson Hole and a recent decrease in bond yields from United States treasury. Additionally, recent economic data from the United States has played a role in supporting XAUUSD's stability amidst these circumstances.
You can set up a SELL order around the price zone 1923-1925. SL 1930. Have a nice day
Despite a stronger US Dollar (USD), gold has displayed resilience due to conflicting discussions within the Fed at Jackson Hole and a recent decrease in bond yields from United States treasury. Additionally, recent economic data from the United States has played a role in supporting XAUUSD's stability amidst these circumstances.
You can set up a SELL order around the price zone 1923-1925. SL 1930. Have a nice day
Note
Gold Price (XAU/USD) reverses from a fortnightly high while consolidating the first weekly gains, so far, ahead of the top-tier central bankers' speeches at the Jackson Hole Symposium. In doing so, the bright metal bears the burden of the recently firm US Treasury bond yields and the US Dollar. However, the weekly fall can be attributed to the weekly pullback in the bond coupons after they refreshed the multi-year high on Tuesday.That said, upbeat details of the US Durable Goods Orders for July and firmer mid-tier activity data, as well as employment clues, also allowed the second-ranked Fed officials to defend hawkish monetary policy and propel the US Dollar.
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Gold price came under renewed bearish pressure and dropped below $1,910. The benchmark 10-year US Treasury bond yield turned north and climbed toward 4.3% following Fed Chairman Powell's speech at Jackson Hole, forcing XAU/USD to lose its footing.Note
Note
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Gold prices traded around $1,915 higher following a drop in US Treasury yields.Moderate US economic data underpins gold prices.
Investors focused on US Commerce Secretary Gina Raimondo's four-day visit to Beijing.
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