Gold remained relatively subdued, trading below the $1,920 per ounce mark on Friday. This lack of upward momentum can be attributed to the strength of the U.S. dollar, with investors closely monitoring Federal Reserve Chair Jerome Powell's forthcoming speech at the Jackson Hole symposium for insights into the trajectory of U.S. monetary policy.
Analysts anticipate that Powell will reaffirm the central bank's commitment to maintaining elevated interest rates in order to address inflationary concerns. However, he is also expected to emphasize that policy decisions will be heavily contingent on forthcoming economic data.
In a noteworthy development, two Federal Reserve officials indicated on Thursday that the recent uptick in bond yields could complement the central bank's efforts to moderate economic growth and bring inflation back to its 2% target. They suggested that further rate hikes may not be necessary at this point.
Nonetheless, gold appears poised to record a gain of more than 1% for the week, potentially putting an end to a four-week decline. This rebound is largely attributable to softer-than-expected business activity data in major economies, which has provided support to bullion prices.
XAUUSD
BUY 1914-1916🕯
✅ TP1: 1920
✅ TP2: 1930
⚠️ SL: 1909
Analysts anticipate that Powell will reaffirm the central bank's commitment to maintaining elevated interest rates in order to address inflationary concerns. However, he is also expected to emphasize that policy decisions will be heavily contingent on forthcoming economic data.
In a noteworthy development, two Federal Reserve officials indicated on Thursday that the recent uptick in bond yields could complement the central bank's efforts to moderate economic growth and bring inflation back to its 2% target. They suggested that further rate hikes may not be necessary at this point.
Nonetheless, gold appears poised to record a gain of more than 1% for the week, potentially putting an end to a four-week decline. This rebound is largely attributable to softer-than-expected business activity data in major economies, which has provided support to bullion prices.
XAUUSD
BUY 1914-1916🕯 ✅ TP1: 1920
✅ TP2: 1930
⚠️ SL: 1909
