Gold prices have eased around $1923 ahead of the Jackson Hole symposium which could spark some market volatility. The Yellow metal and the US dollar which have a historical inverse relationship in price happened to display a temporary correlation as both assets could end up with gains this week. While the US dollar shrugged off the disappointment of the PMI reports, Gold on the other hand appreciated on the narrative of its haven status during economic uncertainty as high interest rates continue to slow down global economic activity.
Ahead of the Jackson Hole symposium where Fed Chair Jerome Powell is likely to pass comments on the central bank's future rate path, gold advance has stalled at $1923.40 resistance with near-term support set to invite buys around $1911.60. A breakout from either side of the mentioned price levels could dictate the direction of the market heading into the new week.
Ahead of the Jackson Hole symposium where Fed Chair Jerome Powell is likely to pass comments on the central bank's future rate path, gold advance has stalled at $1923.40 resistance with near-term support set to invite buys around $1911.60. A breakout from either side of the mentioned price levels could dictate the direction of the market heading into the new week.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.