Recovery leg from $1,884 (Aug 17/21 double-bottom) extends into fourth straight day and hit two-week high in early Thursday's trading.
Gold's near-term action remains underpinned by weaker dollar and increased demand as traders await fresh signnals about interest rates from the gathering of central bankers in Jackson Hole, with focus on Friday's speech of Fed Chair Jerome Powell.
Series of weaker than expected PMI data from Japan, EU, UK and US, released on Wednesday, point to stagnation and slowdown in the economic activity in these ecnomics, which is strong warning to the central bankers that further increasing of interest rates may additionaly hurt economic growth in already fragile conditions.
Such scenario is likely to be supportive for gold, as weakening economic conditions would point to deepening crisis and prompt traders into safety, with pause in raising interest rates to increase pressure on US dollar.
Gold's near-term action remains underpinned by weaker dollar and increased demand as traders await fresh signnals about interest rates from the gathering of central bankers in Jackson Hole, with focus on Friday's speech of Fed Chair Jerome Powell.
Series of weaker than expected PMI data from Japan, EU, UK and US, released on Wednesday, point to stagnation and slowdown in the economic activity in these ecnomics, which is strong warning to the central bankers that further increasing of interest rates may additionaly hurt economic growth in already fragile conditions.
Such scenario is likely to be supportive for gold, as weakening economic conditions would point to deepening crisis and prompt traders into safety, with pause in raising interest rates to increase pressure on US dollar.
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