Gold recovers $4,600, buyers unwilling to give up
Gold edges higher as falling yields offset Fed hawkish talk
Gold's price action has changed notably during the week. Over the last four trading sessions, the precious metal has advanced only slightly more than 1%, highlighting a clear slowdown around the $4,600 per ounce area.
White house signals Gold price revaluation [Video]
UBS remains constructive on gold with $4,890 resistance in view, while RBC data show ETF inflows and speculative positioning strengthening with the rally. The Gold price has finally run into some profit-taking after its explosive August advance.
Gold bulls cautious ahead of Jackson Hole: $4,550 or $4,650?
Gold's upward momentum is weakening ahead of Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole symposium. The recent stabilisation in prices appears to reflect profit-taking after the previous rally, as well as growing caution before an event that could materially reshape expectations for US monetary policy.
Gold fell below the first support at 4595 as the market is still trying to test the second support at 4550. As we see from the chart and as long as prices remain above the support of 4550, the advance scenario is likely to move towards more fresh highs above 4700.
Gold eases as traders await clearer signals on the Fed interest rate path
The US dollar has recouped almost half of the losses incurred due to the Treasury's plans to intervene in the bond market to control yields. Investors are sceptical about the scale and effectiveness of such measures, which is restoring confidence in the greenback.
Gold Price Forecast: XAU/USD hits lows sub-$4,600 as US inflation supports the Greenback