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Trends & Analysis
News

Crude falls for 4th straight day on demand woes

News

Nvidia’s stock surges past $1,000 on strong Q1

News

Will mighty Microsoft build on its 2024 gains?

News

USD gains amid Fed rate cut speculations

News

Is the silver squeeze back?

News

Li Auto’s stock hits a speedbump on Q1 results

Asset Watch

Gold Price rallies as Bearish Trend Loses Steam

 

Tuesday, August 22, 2023

Gold Prices, Chart and Analysis

• Gold price awaits key event by the end of this week
• Gold prices U-turn, key tech levels to watch

 

Gold prices have managed to regain some ground after experiencing a drop to their lowest levels in several months. This shift in direction is attributed to the dip in US dollar prices, and the anticipation of potential insights from the upcoming speech by the Federal Reserve Chairman at the Jackson Hole event.

 

Investors are seeking clarity from the Chairman’s speech, as they aim to predict the potential trajectory of upcoming US interest rates. The market’s expectations that the US central bank has not concluded its cycle of interest rate hikes are growing higher however, investors may prefer to wait for the NFP and Inflation data of August scheduled in September before pricing in any rate hike.

 

It should be noted that, hiking rates has a negative effect on the gold price and a positive one on the US dollar and recently, the US dollar rallied as the market revised its stance, shifting from the belief that the Federal Reserve might consider rate cuts by the end of the first quarter of 2024, to the view that such cuts may take place in the second quarter of next year. This shift implies a higher for longer interest rates.

Gold Daily Price Chart

 

Chart source ADSS Platform

 

On August 21, the gold fell to a multi- month low at $1884/oz then the price rallied on taking profits operations. Currently, the price moving within the trading zone located between 1890-1916 hence, the price could be on the way towards the high end of that trading zone. A daily close above the high end of the zone could encourage traders to rally the price towards 1933.

On the other hand, a daily close below the low end of the zone may entice traders to press towards 1872. That said, the support level residing at 1978 should be considered.


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