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Gold Forecast: Price Looks Steady Below $1,750, Awaiting Key Market Data
After recovering from monthly lows of $1,745-$46, gold prices (XAU/USD) are sidelined as traders prepare for Wednesday's European session.
Market sentiment is cautious ahead of July's US durable goods orders. The recent travels of global policymakers to Friday's Jackson Hole symposium of the Kansas City Fed also temper gold's immediate moves.
As many central bankers head to Grand Teton this week, they hope they can counteract the expected slowdown in economies worldwide by easing inflationary pressures quickly enough.
The 10-year Treasury yield has fallen by 2.5 basis points (bp) to about 3.03%, supporting gold prices. On the other hand, XAU/USD is under pressure because of economic fears around China, the world's largest consumer of commodities. Bloomberg reported that authorities are trying to stem a downturn due to the deepening housing crisis in China and the continued impact of COVID-19 containment on businesses and consumers.
Following the previous day's yearly high, the US Dollar Index (DXY) fluctuated around an intraday high. Stock futures remain weak in the face of these moves.
Gold price technical analysis: 200-SMA capping gains
The 4-hour chart of the gold reveals a slightly positive scenario. The price gained with a wide spread up bar, closing near the highs. The volume is also remarkable for the bar. However, the price is consolidating, awaiting a catalyst to post meaningful recovery.
The 200-period SMA on the chart seems to halt the rallies. Any breakout above the level may gain strong buying traction.
Gold Forecast: Price Looks Steady Below $1,750, Awaiting Key Market Data
After recovering from monthly lows of $1,745-$46, gold prices (XAU/USD) are sidelined as traders prepare for Wednesday's European session.
Market sentiment is cautious ahead of July's US durable goods orders. The recent travels of global policymakers to Friday's Jackson Hole symposium of the Kansas City Fed also temper gold's immediate moves.
As many central bankers head to Grand Teton this week, they hope they can counteract the expected slowdown in economies worldwide by easing inflationary pressures quickly enough.
The 10-year Treasury yield has fallen by 2.5 basis points (bp) to about 3.03%, supporting gold prices. On the other hand, XAU/USD is under pressure because of economic fears around China, the world's largest consumer of commodities. Bloomberg reported that authorities are trying to stem a downturn due to the deepening housing crisis in China and the continued impact of COVID-19 containment on businesses and consumers.
Following the previous day's yearly high, the US Dollar Index (DXY) fluctuated around an intraday high. Stock futures remain weak in the face of these moves.
Gold price technical analysis: 200-SMA capping gains
The 4-hour chart of the gold reveals a slightly positive scenario. The price gained with a wide spread up bar, closing near the highs. The volume is also remarkable for the bar. However, the price is consolidating, awaiting a catalyst to post meaningful recovery.
The 200-period SMA on the chart seems to halt the rallies. Any breakout above the level may gain strong buying traction.