Gold reversed off $4,283 on Wednesday after buyers recaptured broken support levels, mapping a path through $4,472 toward the 200-day moving average.
Gold rises as speculation of Yen intervention weighs on the US Dollar
Gold price forecast: near-term bounce, sellers still in charge
We saw a bit of recovery in the stock market since the US open, with the dollar easing lower on suspected BoJ intervention in the USD/JPY helping to calm the nerves. That in turn helped to provide some support for gold, too.
Gold continues to be a noisy place to trade, but on Wednesday morning, we have seen the important 200-day EMA act as support, perhaps lending a hand for those that are bullish.
Gold: Data risks and CTA selling – TD Securities
Gold bounced from $4,282.62 inside a key retracement zone Wednesday but yields near 4.8% and 68% September hike odds kept the rate trade in control of XAUUSD.
Market selloff resumed yesterday while Gold managed to fell below support 4310. As we see over the chart, market facing resistance zone around 4345-75 where as long as market keep holding trades below it more drops will be expected toward 4200-20 support zone Above 4375 more advance toward 4475 is likely SUPPORT RESISTANCE LEVEL1 […]
Gold: Oil-driven rate repricing weighs on bullion – ING
Gold declines as US-Iran escalation drives Oil prices, global bond yields higher
Gold Price Forecast: XAU/USD tests $4,300 amid Fed tightening hopes, geopolitical tensions
Gold has hit a wall this week, sliding to two-week lows near $4,320 and posting an 8.7% drop from last week's three-month highs near $4,700. The catalyst is unmistakable: Fed Chair Warsh's hawkish Jackson Hole remarks, warning the Fed still has “work to do” without clearer evidence inflation is returning to target, sent September hike odds surging from roughly 36% before his speech to over 66% today.