Gold Price Analysis: XAU/USD bulls attack $1,750 as traders brace for Jackson Hole – by anilpanchal7 Gold XAUUSD Inflation Recession Fed
Mixed US data, cautious mood ahead of the key data/events also test XAU/USD buyers.Powell will be scrutinized for clues on Fed’s next moves amid recession fears. stays defensive at around $1,752 during Thursday’s Asian session, after a two-day uptrend. In doing so, the yellow metal portrays the market’s anxiety ahead of the key data/events, as well as due to the mixed outcome of the recently released statistics.
On the other hand, economic fears underpin the US dollar’s safe-haven demand as Sara Johnson, Executive Director of Economic Research at S&P Global Market Intelligence, said in a statement on Wednesday, that global growth is likely to remain subdued in late 2022 and 2023 while inflation is seen moderating over the next two years.
Given the recently mixed market conditions, coupled with the US dollar’s resistance to refresh the multi-year high, XAU/USD may witness a pullback should Fed Chair Jerome Powell surprise markets with a hawkish tone despite the recession fears. for the said period to decorate the calendar. However, major attention will be given to Jackson Hole for fresh impulse.
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