GOLD FORECAST: JACKSON OPEN SPUR XAU / USD PRICE VOLUME
- Gold Challenges its 100 – day moving average, descending to the trend line ahead of Jackson Hole
- XAU /USD pricing is due to volatility due to the risk of events at the Fed Symposium
- Gold, silver prices could jump higher than FOMC officials remain cautious and hit the cone jar
Precious metals have held impressive gatherings in recent trading sessions. Gold and silver trade has fallen about 8% higher at the beginning of this month. This seems to be largely due to the softer US dollar and a greater likelihood that the Fed will delay announcing its tighter schedule.
However, XAU / USD pricing measures may prolong their progress in the short term as markets seek more clarity on when FOMC officials may decide to reduce asset purchases. Such clarity will be provided by Fed Chairman Powell and his scheduled speech at the annual Jackson Hole Symposium on Friday, August 27, at 2:00 PM GMT.
XAU / USD – GOLD PRICE CARD: DAILY FRAME (MARCH 24 to AUGUST 24, 2021)
Nearby technical resistance also has the potential to keep gold bulls away. The declining trend highlighted in the chart above may put pressure on the price of gold. Not to mention that the XAU / USD also challenges its 100-day moving average. The 100-day simple moving average has been the proverb “sand” for gold, the momentum of which saw up and down above this technical indicator.
As such, the recovery of the 100-day moving average, with the confirmation that resistance was exceeded at the $ 1,830 price level, would likely be a very constructive development of the gold bull thesis. This could bring the all-time highs back into focus, although the psychological $ 1,900 handle stands out as a significant hurdle that could potentially hinder rallies. In principle, bull scenarios could be catalyzed by FOMC officials adhering to a cautious scenario and not making a time-lowering announcement at the Jackson Hole Symposium.
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