XAUUSD edges lower on geopolitical reliefXAUUSD edges lower on geopolitical relief
Gold dipped in early Asian trading on Monday, as easing geopolitical tensions reduced its safe-haven appeal. Despite no progress in Friday’s Trump-Putin meeting, Trump told European leaders he’s open to U.S. security guarantees for Ukraine, with Putin reportedly agreeing to Western troop presence in any peace deal.
On the contrary, Thursday's PPI came out weaker than expected, signaling the possibility of a higher inflation in the nearest future. This may influence on Jerome Powell's decision on the U.S. key rate. Some experts already expect Powell to be hawkish on September 17. This week Powell will be participating on annual Jackson Hole event.
XAUUSD has been moving within a wedge for the last week. MACD is turning into a green zone on 4-h chart. Price successfully rebounds from the local support of 3,300.00. Future sideways movement is expected, the price may rebound from local support of 3,300.00 towards 3,380.00 as a first target.
