Gold's upcoming path August 24, 2023
World gold price this morning rose with spot gold up 18.2 USD to 1,915.4 USD/ounce. December gold futures last traded at $1,948.1 per ounce, up $22.1 from dawn yesterday.
The world gold price gained modestly after a series of quiet days thanks to the weakening of the USD. Early this morning, the US Dollar Index, which measures the volatility of the greenback, fell 0.19%, increasing the attractiveness of gold to buyers holding other currencies.
Traders and investors are eagerly awaiting the annual Jackson Hole symposium later this week. Federal Reserve Chairman Jerome Powell and European Central Bank (ECB) President Christine Lagarde will deliver speeches. The speeches are expected to provide insight into the future direction of monetary policy by central banks. The ECB is expected to pause the tightening cycle at its September meeting, while US interest rates are expected to remain high for a long time due to significant inflationary pressures. Markets will be closely watching a potential change in the Fed's inflation target
The world gold price gained modestly after a series of quiet days thanks to the weakening of the USD. Early this morning, the US Dollar Index, which measures the volatility of the greenback, fell 0.19%, increasing the attractiveness of gold to buyers holding other currencies.
Traders and investors are eagerly awaiting the annual Jackson Hole symposium later this week. Federal Reserve Chairman Jerome Powell and European Central Bank (ECB) President Christine Lagarde will deliver speeches. The speeches are expected to provide insight into the future direction of monetary policy by central banks. The ECB is expected to pause the tightening cycle at its September meeting, while US interest rates are expected to remain high for a long time due to significant inflationary pressures. Markets will be closely watching a potential change in the Fed's inflation target
✅ TP1: 1905
✅ TP2: 1907
⚠️ SL: 1923