Gold got a fresh boost, with prices ending Friday near an all-time settlement high after Federal Reserve Chair Jerome Powell expressed some concern over a softening in the labor market and signaled that the central bank will soon start cutting interest rates.
Precious metals rally as traders react to dovish comments from Fed Chair Powell.
The gold market has gone back and forth in the weekly charts, as we are trying to sort out whether or not the markets are going to continue to see buyers jump into this market. There are a lot of reasons that will favor the buyers.
The gold market continues to see buyers at this point, but the Jackson Hole Symposium will be front and center, and traders will continue to look at the speeches to get a “lay of the land” on where interest rates might be going.
Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada.
Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York.
Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York.
Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada.
Traders prepare for potential gold price swings as Powell's Jackson Hole speech could confirm rate cuts or strengthen the dollar, influencing market sentiment.
Gold hovers near $2,493 with support from a weak USD and safe-haven demand amid geopolitical tensions. Can it break $2,500?
Gold pulls back to 2,471, testing key support at the triangle's top boundary. A reversal higher could continue the uptrend towards 2,532.
Jordan Finneseth is a Crypto Market Reporter for Kitco Crypto. Coming from a background in Psychology and Human Behavior, he began to focus his attention on the cryptocurrency space in early 2017 after noticing the rapid growth of this emerging market.