Gold Threatens Monthly Lows Amid Dollar Strength
Gold prices fell for a third consecutive day on Tuesday, with the spot XAU/USD retesting one-month lows at the $1720 area as the U.S. dollar strengthened during the New York session amid risk aversion.
At the time of writing, the XAU/USD pair is trading at $1725 an ounce, 0.7% below its opening price, after peaking at a daily high of $1740 earlier in the session.
With the Jackson Hole Symposium behind, market participants remain cautious amid expectations of a higher interest rate hike at the next FOMC meeting in September. Minneapolis Fed President Neel Kashkari stated on Monday that he was happy with the market’s reaction on Friday to Chair Powell’s speech as he believes that investors now understand the “seriousness” of the committee to bring inflation back down to 2%.
As Fed officials reaffirm their aggressive stance, markets are now expecting that interest rates may remain high for an extended period, which will probably limit the upside for the non-yielding yellow metal.
Looking ahead, attention turns to U.S. employment figures as the Fed has reiterated next decision remains data-dependent. ADP will publish the private-sector employment change on Wednesday, while the government’s nonfarm payrolls will be released on Friday.
The short-term technical outlook for the XAU/USD pair remains bearish, according to the daily chart. The RSI points lower below its midline, while the MACD prints higher red bars, indicating growing selling interest.
On the downside, the next support level could be found at the weekly low of $1720, followed by the $1700 area, and then the cycle low of $1680, struck on July 21. On the upside, the bulls must regain the $1750 to pave the way toward the 20-day SMA, currently at $1765, en route to the $1800 psychological level.
At the time of writing, the XAU/USD pair is trading at $1725 an ounce, 0.7% below its opening price, after peaking at a daily high of $1740 earlier in the session.
With the Jackson Hole Symposium behind, market participants remain cautious amid expectations of a higher interest rate hike at the next FOMC meeting in September. Minneapolis Fed President Neel Kashkari stated on Monday that he was happy with the market’s reaction on Friday to Chair Powell’s speech as he believes that investors now understand the “seriousness” of the committee to bring inflation back down to 2%.
As Fed officials reaffirm their aggressive stance, markets are now expecting that interest rates may remain high for an extended period, which will probably limit the upside for the non-yielding yellow metal.
Looking ahead, attention turns to U.S. employment figures as the Fed has reiterated next decision remains data-dependent. ADP will publish the private-sector employment change on Wednesday, while the government’s nonfarm payrolls will be released on Friday.
The short-term technical outlook for the XAU/USD pair remains bearish, according to the daily chart. The RSI points lower below its midline, while the MACD prints higher red bars, indicating growing selling interest.
On the downside, the next support level could be found at the weekly low of $1720, followed by the $1700 area, and then the cycle low of $1680, struck on July 21. On the upside, the bulls must regain the $1750 to pave the way toward the 20-day SMA, currently at $1765, en route to the $1800 psychological level.
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