Gold prices stabilized on Monday, finding support above their lowest levels in five months. This followed a five-session decline, with investors gearing up for the central bankers' gathering in Jackson Hole, Wyoming, scheduled for this week, where they anticipate discussions on the economic outlook and interest rates.
- Spot gold remained unchanged at $1,888.36 per ounce as of 0124 GMT, while U.S. gold futures inched up by 0.1% to reach $1,917.70.
- Last week, prices had dipped to their lowest point since mid-March, hitting $1,883.70. This drop was influenced by robust economic data, which increased expectations of prolonged higher interest rates in the United States, thereby reducing demand for gold, a non-yielding asset.
- Investors' primary focus will be on U.S. Federal Reserve Chair Jerome Powell's upcoming speech on Friday. This speech holds significant importance as central bankers from across the globe gather in Jackson Hole for their annual conference.
GOLD
SELL 1893-1895🕯
✅ TP1: 1889
✅ TP2: 1884
⚠️ SL: 1899
- Spot gold remained unchanged at $1,888.36 per ounce as of 0124 GMT, while U.S. gold futures inched up by 0.1% to reach $1,917.70.
- Last week, prices had dipped to their lowest point since mid-March, hitting $1,883.70. This drop was influenced by robust economic data, which increased expectations of prolonged higher interest rates in the United States, thereby reducing demand for gold, a non-yielding asset.
- Investors' primary focus will be on U.S. Federal Reserve Chair Jerome Powell's upcoming speech on Friday. This speech holds significant importance as central bankers from across the globe gather in Jackson Hole for their annual conference.
GOLD
SELL 1893-1895🕯 ✅ TP1: 1889
✅ TP2: 1884
⚠️ SL: 1899
