Gold price retreats from $4,700 after a hawkish Fed speech, putting $4,500 support in focus with the 50-week EMA near $4,271 if selling deepens.
Gold slides as Warsh hawkish tilt lifts US Dollar and US yields
Gold Weekly Forecast: Bulls take a breather following three-week rally
Gold remains inside a downtrend channel formation which is still giving the chance for another drop to test the support of 4525-50. As we see from the chart and as long as prices hold below 4620, a drop could hit the market before the advancing again.
Gold stabilised around 4,600 USD per ounce on Friday, poised to close the week largely unchanged. Investors are awaiting Fed Chair Kevin Warsh's speech at the annual Jackson Hole Economic Symposium, hoping for fresh guidance on the path of interest rates.
Gold awaits Jackson Hole: All eyes on Fed policy signals
Gold has staged a remarkable comeback, surging almost 14% in August alone and reclaiming levels not seen since May, a stark reversal from late July, when prices had dipped below $4,000. The rally has been driven by a genuinely unusual combination of forces: the US Treasury's surprise decision to double its long-dated bond buyback programme reignited fears over fiscal credibility and dollar debasement, while persistent Middle East tensions and steady Chinese buying have kept safe-haven demand firmly in place.
Gold Price Forecast: XAU/USD holds gains above $4,600 as bullish bias prevails
Gold: Jackson Hole keeps consolidation risk elevated - OCBC
Gold and silver await Kevin Warsh's Jackson Hole speech as Fed inflation warnings intensify, with XAU/USD testing key $4,575 support.
Saudi Arabia Gold price today: Gold falls, according to FXStreet data
Philippines Gold price today: Gold falls, according to FXStreet data