XAU/USD: Gold Up in Fifth Straight Session, Tops $1,920 as Powell Speech Looms

The precious metal is shining bright as expectations build up for the keenly-watched annual Jackson Hole symposium. Here’s what to expect.

• Gold prices advanced on Thursday as market enthusiasts supported the yellow metal in its quest to log a fifth consecutive day of gains. Gold XAUUSD hit $1,921 per troy ounce in early European dealmaking as focus is shifting to tomorrow’s Jackson Hole symposium.
• Central bankers and economists meet in the valley once a year to discuss monetary policy. As is tradition, Fed boss Jay Powell goes to deliver a speech, containing key messages to the path of interest rates. And that’s what investors will be waiting for – are rates going to stay higher for longer?
• Gold, as a non-yielding asset, is sensitive to rate increases as they generally reduce its appeal. What’s worth noting, however, is that the precious metal just crossed the 200-day moving average. And every technical analyst knows what this means – bulls are getting excited over the long-term growth prospects.