{"id":27347,"date":"2023-08-21T03:41:21","date_gmt":"2023-08-21T06:41:21","guid":{"rendered":"https:\/\/tiproject.online\/index.php\/2023\/08\/21\/powells-upcoming-speech-could-tip-xau-usds-scales\/"},"modified":"2023-08-21T03:41:21","modified_gmt":"2023-08-21T06:41:21","slug":"powells-upcoming-speech-could-tip-xau-usds-scales","status":"publish","type":"post","link":"https:\/\/tiproject.online\/index.php\/2023\/08\/21\/powells-upcoming-speech-could-tip-xau-usds-scales\/","title":{"rendered":"Powell’s Upcoming Speech Could Tip XAU\/USD’s Scales"},"content":{"rendered":"

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Gold (XAU\/USD) Prices React Ahead of Central Bankers\u2019 Gathering in Wyoming<\/h2>\n

Gold (XAU\/USD)<\/a> prices saw a slight reprieve from recent declines, moving off 5-month lows as the trading world awaits pivotal insights from central bankers\u2019 gathering in Jackson Hole, Wyoming. Key discussions on economic outlooks and interest rate decisions have kept investors on their toes.<\/p>\n

Gold Prices Rise Amidst Struggle<\/h2>\n

In early trades, spot gold (XAU\/USD) advanced 0.3% to $1,892.88 per ounce, while U.S. gold futures mirrored the movement, ticking up 0.3% to $1,921.70. This positive momentum comes even as gold struggled, earlier touching a mid-March low, prompted by robust economic data fueling expectations of prolonged higher U.S. interest rates. Such rates often dampen the allure of non-yielding assets like gold.<\/p>\n<\/div>\n<\/div>\n

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Dollar\u2019s Strength Challenges Gold\u2019s Advance<\/h2>\n

In the currency realm, the dollar\u2019s steadfast hold above the 103-mark continues to challenge gold\u2019s progress. With global attention focused on U.S. Federal Reserve chair Jerome Powell\u2019s upcoming speech, anticipation mounts on whether his statements will align with the recent hawkish undertones of the FOMC minutes. Notably, most economists in a Reuters poll suggest the Fed may halt further interest rate hikes, with a slight tilt towards those believing a potential cut might only emerge post-March.<\/p>\n

Asian Markets React to China\u2019s Moves<\/h2>\n

Rising Treasury bond yields and increasing home mortgage rates hint at a possible wane in the Federal Reserve\u2019s enthusiasm for more hikes, especially given the softer inflation backdrop. Meanwhile, the Asian markets faced headwinds. China\u2019s smaller-than-expected cut to lending rates left markets wanting, extending a pattern of underwhelming fiscal actions from Beijing.<\/p>\n

Short-Term Forecast<\/h2>\n

Gold\u2019s (XAU\/USD) immediate future hinges significantly on central bank movements and sentiments. The metal\u2019s slight recovery might be tested post-Powell\u2019s speech, and any dovish or hawkish hints could catalyze shifts. Moreover, SPDR Gold Trust\u2019s reported 0.3% rise, its first inflow since late July, indicates underlying investor interest in the precious metal. Gold\u2019s trajectory remains a balancing act between global economic cues and intrinsic demand dynamics.<\/p>\n

Technical Analysis<\/h2>\n
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4-Hour Gold (XAU\/USD)<\/figcaption>

Gold\u2019s (XAU\/USD) current 4-hour price sits at 1889.17, slightly below the previous 4-hour price of 1892.56, indicating a minor retracement. Importantly, this price is below both the 200-4H moving average (1938.00) and the 50-4H moving average (1905.90), suggesting a bearish sentiment in the short term. The 14-4H RSI reading of 36.46 is below the neutral 50 mark, leaning towards the oversold territory, hinting at weakened momentum.<\/p>\n

The current price is nearing the main support area, which ranges from 1893.07 to 1885.79, potentially acting as a floor for the commodity. However, considering all the technical indicators, the current market sentiment for Gold on the 4-hour chart appears bearish, but vulnerable to a near-term counter-trend retracement.<\/p>\n<\/div>\n<\/div>\n

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[ad_1] Gold (XAU\/USD) Prices React Ahead of Central Bankers\u2019 Gathering in Wyoming Gold (XAU\/USD) prices saw a slight reprieve from recent declines, moving off 5-month lows as the trading world awaits pivotal insights from central bankers\u2019 gathering in Jackson Hole, Wyoming. Key discussions on economic outlooks and interest rate decisions have kept investors on their toes. Gold Prices Rise Amidst Struggle In early trades, spot gold (XAU\/USD) advanced 0.3% to $1,892.88 per ounce, while U.S. gold futures mirrored the movement, ticking up 0.3% to $1,921.70. This positive momentum comes even as gold struggled, earlier touching a mid-March low, prompted by robust economic data fueling expectations of prolonged higher U.S. interest rates. Such rates often dampen the allure of non-yielding assets like gold. Dollar\u2019s Strength Challenges Gold\u2019s Advance In the currency realm, the dollar\u2019s steadfast hold above the 103-mark continues to challenge gold\u2019s progress. With global attention focused on U.S. Federal Reserve chair Jerome Powell\u2019s upcoming speech, anticipation mounts on whether his statements will align with the recent hawkish undertones of the FOMC minutes. Notably, most economists in a Reuters poll suggest the Fed may halt further interest rate hikes, with a slight tilt towards those believing a potential cut might only emerge post-March. Asian Markets React to China\u2019s Moves Rising Treasury bond yields and increasing home mortgage rates hint at a possible wane in the Federal Reserve\u2019s enthusiasm for more hikes, especially given the softer inflation backdrop. Meanwhile, the Asian markets faced headwinds. China\u2019s smaller-than-expected cut to lending rates left markets wanting, extending a pattern of underwhelming fiscal actions from Beijing. Short-Term Forecast Gold\u2019s (XAU\/USD) immediate future hinges significantly on central bank movements and sentiments. The metal\u2019s slight recovery might be tested post-Powell\u2019s speech, and any dovish or hawkish hints could catalyze shifts. Moreover, SPDR Gold Trust\u2019s reported 0.3% rise, its first inflow since late July, indicates underlying investor interest in the precious metal. Gold\u2019s trajectory remains a balancing act between global economic cues and intrinsic demand dynamics. Technical Analysis 4-Hour Gold (XAU\/USD)Gold\u2019s (XAU\/USD) current 4-hour price sits at 1889.17, slightly below the previous 4-hour price of 1892.56, indicating a minor retracement. Importantly, this price is below both the 200-4H moving average (1938.00) and the 50-4H moving average (1905.90), suggesting a bearish sentiment in the short term. The 14-4H RSI reading of 36.46 is below the neutral 50 mark, leaning towards the oversold territory, hinting at weakened momentum. The current price is nearing the main support area, which ranges from 1893.07 to 1885.79, potentially acting as a floor for the commodity. However, considering all the technical indicators, the current market sentiment for Gold on the 4-hour chart appears bearish, but vulnerable to a near-term counter-trend retracement. [ad_2] Source link<\/p>\n","protected":false},"author":1,"featured_media":27348,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-27347","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financas"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/posts\/27347","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/comments?post=27347"}],"version-history":[{"count":0,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/posts\/27347\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/media\/27348"}],"wp:attachment":[{"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/media?parent=27347"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/categories?post=27347"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/tags?post=27347"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}