Gold 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
of this week’s top-tier data/events. Also exerting downside pressure on the XAU/USD could be the pessimism surrounding one of the world’s biggest commodity users, namely China.
However, the indecision about the Fed Chair Jerome Powell’s monetary policy bias and the market’s wait for this week’s August month Purchasing Managers Indexes , US Durable Goods Orders and the top-tier central bankers’ speeches at the annual Jackson Hole Symposium event puts a floor under the Gold Price.Gold Price: Key levels to watch
Adding strength to the downside bias is the XAU/USD’s sustained trading below $1,892 immediate hurdle including the Fibonacci 61.8% on one-day and the middle band of the Bollinger on the hourly play. Alternatively, the previous weekly low and Pivot Point one-day S1 puts a floor under the Gold Price near $1,885.
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