June 21, 2024

Flexstar Solutions Group

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Gold Price Forecast: XAU/USD struggles to move toward $1,900, focus shifts to Jackson Hole Symposium

2 min read
  • Gold price trades higher but faces challenges in its attempt to reach the $1,900 mark.
  • Bears are still active as US data continues to show stronger figures than anticipated.
  • Investors remain cautious as uncertainties persist in the market; seeking further cues on US economic outlook.

Gold price trades higher near $1,890 per troy ounce during the Asian session on Friday, showing signs of recovery after experiencing losses for the fourth consecutive week. The retreating US Dollar (USD) has contributed to this rebound in the price of Gold.

However, there remains a likelihood of Gold sellers becoming more active due to factors such as increased risk aversion in the market, the presence of stronger United States (US) Treasury yields, and ongoing economic challenges faced by China. These elements could potentially offset the positive influence of the Greenback’s retreat and impact the overall trajectory of Gold Price.

The Gold price has managed to rebound, even in the face of mid-tier data from the United States (US) that showed stronger figures than anticipated. Initial Jobless Claims (Aug 11) decreased to 239K from the previous 250K, lower than the projected reading of 240,000. Additionally, the Philadelphia Fed Manufacturing Survey for August displayed an improvement, rising to a reading of 12 from the previous -13.5, outperforming the expected -10.

This situation suggests that investors are currently in search of additional cues that could provide them with a clearer understanding of the potential direction of the US Federal Reserve (Fed) regarding monetary policy tightening. This suggests that uncertainties persist in the market, leading investors to remain cautious and seek more information before making definitive decisions.

In the upcoming week, investors will likely watch the release of US economic data, particularly concerning Home Sales and Manufacturing indicators. Additionally, the Jackson Hole Symposium, an annual event, will be a focal point of attention. This gathering will bring together central bankers, policy experts, and academics to delve into the global economic outlook, with a particular emphasis on addressing the ongoing inflation situation. The Symposium provides a platform for key figures in the financial and economic sectors to share insights and perspectives, helping to shape understanding and potential strategies in response to the current inflationary landscape.

XAU/USD: ADDITIONAL IMPORTANT LEVELS

OVERVIEW
Today last price1893.28
Today Daily Change3.92
Today Daily Change %0.21
Today daily open1889.36
TRENDS
Daily SMA201933.62
Daily SMA501936.57
Daily SMA1001963.57
Daily SMA2001906.05
LEVELS
Previous Daily High1903.61
Previous Daily Low1885.13
Previous Weekly High1946.82
Previous Weekly Low1910.92
Previous Monthly High1987.54
Previous Monthly Low1902.77
Daily Fibonacci 38.2%1892.19
Daily Fibonacci 61.8%1896.55
Daily Pivot Point S11881.79
Daily Pivot Point S21874.22
Daily Pivot Point S31863.31
Daily Pivot Point R11900.27
Daily Pivot Point R21911.18
Daily Pivot Point R31918.75

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