Gold bounces off hints from Mr. Powell and A Trump interview
Gold 1.72% has dipped hard in the previous weeks moving south till it hit its target of 1160, this was due to mainly investors choosing the USD as a safe haven instead of the usual GOLD 1.72% ,
On the 1160 it was expected to bounce back after a strong move to the south.
Last week it indeed moved north till it reached the 1200 where it should meet significant resistance, this was also helped with calming markets after the Turkish LIRA stabilized as well some comments from Trump in a Reuters interview where he commented on Mr. Powells (Governor of the Fed’s reserve) interest hikes that he disagreed with them to which Mr. Powells might have hinted towards a neutral monetary policy in his last speech in the central bank symposium in jackson hole , which had made markets to react to push the USD lower which allowed the Gold 1.72% to benefit from such a move.
For now the Gold 1.72% is expected to meet significant resistance at the 1200 – 1220, if buyers were able to move further, we can expect price to continue north to target 1240 – 1250
On the other hand, if the 1200 proved too strong for buyers to push beyond, the price is expected to slump again to test the 1160.
GOLD
On the 1160 it was expected to bounce back after a strong move to the south.
Last week it indeed moved north till it reached the 1200 where it should meet significant resistance, this was also helped with calming markets after the Turkish LIRA stabilized as well some comments from Trump in a Reuters interview where he commented on Mr. Powells (Governor of the Fed’s reserve) interest hikes that he disagreed with them to which Mr. Powells might have hinted towards a neutral monetary policy in his last speech in the central bank symposium in jackson hole , which had made markets to react to push the USD lower which allowed the Gold 1.72% to benefit from such a move.
For now the Gold 1.72% is expected to meet significant resistance at the 1200 – 1220, if buyers were able to move further, we can expect price to continue north to target 1240 – 1250
On the other hand, if the 1200 proved too strong for buyers to push beyond, the price is expected to slump again to test the 1160.
GOLD