Jackson Hole Economic Symposium: Federal Reserve officials maintained their hawkish view and were committed to getting inflation back to its 2% target, minutes from the July 26-27 meeting showed. Participants at the session said that for the central bank to scale back its rate hikes, inflation reports due to be released before the next meeting would need to confirm that the pace of price growth was cooling.
Policymakers have, however, constantly avoided putting exact numbers on the size of the next rate hike in September. The minutes also noted that as the stance of monetary policy tightens further, at some point, it would likely become appropriate to slow the pace of policy rate increases and gauge the effects of such tightening on growth and inflation. The Fed has lifted its benchmark overnight interest rate by 225 points this year to a target range of 2.25% to 2.50%. source: Federal Reserve
Spot Gold Technical Analysis
Gold price failed to cross the monthly horizontal hurdle, not to forget the 200-SMA, despite crossing a one-week-old bearish trend channel the previous day. The following pullback also takes clues from the RSI retreat to keep sellers hopeful.
However, the previous resistance line of the aforementioned channel, near $1,727, could act as the immediate support ahead of directing Gold (Yellow Metal) bears towards the latest swing low near the 61.8% Fibonacci Retracement of the July-August uptrend, near $1,730.
It should be noted that the lower line of the stated channel near $1,717, as well as the 78.6% Fibonacci retracement level surrounding $1,707, could entertain gold sellers afterward.
Meanwhile, the 200-SMA and the four-week-old horizontal resistance, respectively near $1,755 restrict short-term Gold (Yellow Metal) rebound.
Following that, multiple levels near $1,785 and $1,803 could challenge the gold buyers.
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