Gold Price Forecast: Expectations that China may overcome the recession woes and Fed’s Powell may repeat his cautious statements at the Jackson Hole also seemed to have tested the DXY bulls. “Various Chinese state media agencies are coming to the rescue of the local currency, the yuan, after the recent depreciation, justifying that the country’s strong exports should offset a stronger dollar and hawkish Fed rate hikes,” mentioned Reuters on Wednesday. Concerns about China become important for gold traders due to the dragon nation’s status as one of the world’s largest gold consumers.
Given the recently mixed market conditions, coupled with the US dollar’s resistance to refresh the multi-year high, gold (XAU/USD) may witness a pullback should Fed Chair Jerome Powell surprise markets with a hawkish tone despite the recession fears.
Gold price (Yellow Metal) stays defensive at around $1,752 during Thursday’s Asian session, after a two-day uptrend. In doing so, the yellow metal portrays the market’s anxiety ahead of the key data/events, as well as due to the mixed outcome of the recently released statistics.
Gold Technical Analysis
Gold price holds onto the bounce off the previous resistance line from mid-April, despite the latest inaction, suggesting further upside momentum towards a 10-week-old resistance line near $1,790.
However, the 38.2% Fibonacci retracement level of the June-July downturn, around $1,755, appears the immediate hurdle for the yellow metal buyers to cross.
On the contrary, the aforementioned resistance-turned-support line could restrict the immediate downside of the bullion to around $1,717.
Following that, a horizontal area between $1,711 and $1,697, comprising multiple levels marked during July, will be important before directing gold sellers towards the yearly low near $1,680.
It’s worth noting that the bearish MACD signals and steady RSI also tests the gold (Yellow Metal) bulls.
सारे ट्रेड में आपको लोस ही हो रहा है??
तो ज्वाइन करिए आज ही हमारा ग्रुप फ्री में लगातार प्रॉफिट के लिए जल्दी करिए.
लिंक नीचे दिया गया है
EQUITY MARKET 👇👇👇
https://t.me/banknifty_nifty_NealBhai_Tips
MCX LINK 👇👇👇
https://t.me/Neal_Bhai_MCX_Tips
Technical Power of CFA’s
(CHARTERED FINANCE ANALYST)
“No Magic, No Miracle, Just Power of Level”
Neal Bhai Reports (NBR) By CFA’s Technical Team
Mobile No. 9582247600 & 9899900589
Powell will be scrutinized for clues on Fed’s next moves amid recession fears.
US Q2 GDP, Core PCE may entertain traders ahead of Friday’s speech from Fed’s Powell.
Mixed US data, cautious mood ahead of the key data/events also test yellow metal buyers.
Gold price struggles to defend two-day uptrend, picks up bids of late.