Gold price analysis and news
- Gold Flash Crash turned
- The Fed is preparing a cone signal
Reversing the golden flash
After a week that started a flash and gold drop 4.5%, the precious metal closes the week with a weekly profit. Although perhaps even more important is the setback over 1760, which has been a key factor in precious metals over the past year.
Gold chart: 10-minute period
Upper levels in focus
Now that 1760 has been taken out, the focus of the gold bulls is on the resistance, which is between 1790 and 1800, which was the support last month. This means that while the recent setback in greenback and U.S. performance has been due to the weak U. of Michigan sentiment, I expect USD be limited to the Fed at the time they give the cone signal, maybe as early as this month at the Jackson Hole Symposium. However, the impact on gold is likely to mean that 1790-1800 is likely to remain on the first test. Moreover, the 1800-1815 DMA cluster makes the 1800’s psychological level harsh.
The Fed is preparing a cone signal
President Powell will look at next week, but given that he will host City Hall with teachers across the United States, it may be unlikely that he will comment on significant monetary policy changes and instead wait another week to discuss at the Jackson Hole Symposium. Elsewhere, FOMC minutes will be made public, and given that the last members of the Federation are talking about a curtailment later this year, the protocol is unlikely to be nonsense.
FED COMMENT THIS WEEK
Fedi Barkin (2021 voters)
In terms of prices, the Fed has made significant progress towards the benchmark. There seems to be more room for maneuver in the labor market.
Fed’s Bostic (2021 voters)
He thinks the Fed may start cutting purchases from October to December, but is open to moving forward. Significant further progress in the area of inflation has been made effectively, and can be achieved in the area of employment if there is still a month or two of strong job growth.
Fedi Rosengren (2022 voters)
The Fed is expected to announce in September that it will cut its $ 120 billion purchase of government bonds and mortgage bonds this fall.
Fedi Evans (2021 voters)
I would like to see a few more employment reports before deciding to reduce the purchase of assets.
Gold price chart: daily schedule