During his speech at the Jackson Hole conference, Mr. Powell reiterated his commitment to closely monitor economic data while leaving open the possibility of interest rate hikes.
Gold prices are unlikely to gain strong momentum unless there is a significant increase in inflation or a deteriorating job market. Investors believe that interest rates will continue to rise, driving up the value of the US dollar and putting pressure on gold prices.
From a technical standpoint, Gold appears to be seeking some upward momentum before sharply declining towards its target of $1880 once again.
This week, it is advisable to focus on selling opportunities around $1921-$1922 and establish sell signals with an absolute stop-loss point when Gold surpasses the $1925 mark.
Gold prices are unlikely to gain strong momentum unless there is a significant increase in inflation or a deteriorating job market. Investors believe that interest rates will continue to rise, driving up the value of the US dollar and putting pressure on gold prices.
From a technical standpoint, Gold appears to be seeking some upward momentum before sharply declining towards its target of $1880 once again.
This week, it is advisable to focus on selling opportunities around $1921-$1922 and establish sell signals with an absolute stop-loss point when Gold surpasses the $1925 mark.
🔹SL 1930
🔹TP 1910