Gold Price (XAU/USD) portrays an upward grind around the $1,900 threshold, approaching the $1,910 resistance confluence, as market players brace for m
The precious metal remains cautiously positive after posting minor gains in the last two consecutive days even as the US Dollar remains firmer amid upbeat United States data and the hawkish commentary from the Federal Reserve . Adding strength to the recovery moves could be the mixed geopolitical and trade concerns, as well as positioning for Wednesday’s preliminary readings of the August month Purchasing Managers Indexes for major economies.
of Richmond President Thomas Barkin also underpin the US Dollar’s rebound and weigh on the Gold Price. On Tuesday, Fed’s Barkin emphasized achieving the 2.0% inflation target while challenging the US recession concerns by stating, per Reuters, “If the US were to have a recession, it would likely be a ‘less-severe’ one.
On Tuesday, Bloomberg came out with an analytical piece suggesting the market’s lack of confidence in China’s efforts to restore economic transition. However, concerns about the dedollarization at the BRICS Summit, currently held in South Africa to facilitate diplomatic discussion among Brazil, Russia, India, China and South Africa, gain little acceptance from India and South Africa, which in turn favors sentiment. The same keep the US Dollar on the front foot, favoring the Gold bears in turn.
It’s worth noting, however, that Friday’s Jackson Hole Symposium is the key event that can offer clear directions to the Gold Price.Jackson Hole Preview: Powell poised to keep markets on edge, three scenarios for the US DollarGold Price fades the bounce off a multi-month low marked the last week amid failures to cross the convergence of 200-DMA and 61.8% Fibonacci retracement of February-May upside, around $1,910 by the press time.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold Price Forecast: XAU/USD remains below $1,900, awaits Fed's Jackson Hole SymposiumGold price struggles to capitalize on the previous day's positive move and oscillates in a narrow trading range below the $1,900 mark during the Asian
Read more »
Gold Price Forecast: XAU/USD rebound to lose momentum below $1,920Gold Price (XAU/USD) portrays bearish consolidation at the lowest level in five months while defending the week-start rebound amid mixed sentiment. US
Read more »
Gold Price Forecast: XAU/USD appears bearish past $1,900, focus on PMI, Jackson HoleGold Price (XAU/USD) marks an unimpressive start of the trading week around $1,890, after declining in the last four consecutive weeks. In doing so, t
Read more »
Gold Price Forecast: XAU/USD kicks off the week in a consolidation around $1,890Gold price struggles to snap a losing streak, treading waters near $1,890 per troy ounce during the Asian session on Monday. The Gold is also benefiti
Read more »
Gold Price Forecast: XAU/USD sellers eye $1,865 and central bankersGold Price (XAU/USD) remains on the back foot at the lowest level in five months as market players seek solace in the US Dollar amid uncertainty ahead
Read more »
Gold Price Outlook: XAU/USD Still Vulnerable Amid Bullish Retail BetsGold prices recently concluded 4 consecutive weeks of losses and retail traders are becoming increasingly bullish. Is this a warning sign that XAU/USD may continue lower ahead?
Read more »