Gold prices slipped slightly on Friday as traders favored the dollar ahead of signals on U.S. monetary policy from the Jackson Hole Symposium. Despite signs of economic weakness, gold held above $1,900 per ounce. This marked its first positive week in five after recovering from August lows. However, uncertainty remained due to potential higher U.S. interest rates, with the dollar and Treasury yields rising. Federal Reserve officials supported the recent spike in bond yields to cool the economy. Gold's spot price fell 0.1% to $1,914.08 per ounce, while December gold futures dropped 0.3% to $1,941.95 per ounce. All eyes were on Fed Chair Jerome Powell's speech at the Jackson Hole event, expected to provide insights into interest rate expectations. Weak business activity data offered some gold support amidst concerns over rate increases.
On technical front both MACD and RSI are showing more neutral than decisive signals.
Depending on interest rate decisions, the price of the instrument might try to reach its support at 1884.55 or its resistance level of 1943.63
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On technical front both MACD and RSI are showing more neutral than decisive signals.
Depending on interest rate decisions, the price of the instrument might try to reach its support at 1884.55 or its resistance level of 1943.63
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.