Hello dear traders,by examining the 1-hour chart, it is evident that the downward trend of gold is losing momentum and transitioning into a sideways movement. Gold is currently seeking an opportunity to surpass the $1900 threshold.
However, it should be noted that previously, gold experienced a significant decline at price levels of $1900 and $1905. Therefore, it will be challenging for gold to regain momentum and surpass these two price levels. Consequently, today's gold price is likely to continue its downward trend.
However, it should be noted that previously, gold experienced a significant decline at price levels of $1900 and $1905. Therefore, it will be challenging for gold to regain momentum and surpass these two price levels. Consequently, today's gold price is likely to continue its downward trend.
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Investors' focus this week will be Fed Chairman Jerome Powell's speech on Friday, when central bank governors around the world gather in Jackson Hole to attend. Annual conference.
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Michele Schneider, director of research at MarketGauge, said that just Mr. Powell's more dovish messages on monetary policy coming up would be enough to support gold prices.
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Despite recent selling pressure, analysts note that the gold market is resilient despite bond yields rising to new 15-year highs.
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On August 25, Fed Chairman Jerome Powell will give a speech giving his views on the Fed's monetary policy in the near future.
