Gold Price Forecast: XAU/USD extended losses beyond $1750 as Jackson Hole looms – by christianborjon Gold XAUUSD Fed Inflation Recession
The gold price plunged 3% in the week, despite investors' perceived dovishness of July’s FOMC minutes.
It’s worth noting that XAU/USD prices could not rally, despite traders’ perception of “dovish” tilted FOMC minutes. However, since the lastmeeting, Fed officials reiterated that bringing inflation down is the primary goal, despite worries about growth expressed by Minnesota’s Fed President Neil Kashkari. He commented that he’s unsure that the Fed could reach price stability’s goal without tapping the US economy into a recession.finished the week up by 2.27%, at 108.
Gold traders should be aware of critical economic data next week. The US economic docket will feature August’s S&P Global PMIs, Initial Jobless Claims for the week ending on August 19, the Fed’s favorite inflation gauge, PCE for July, and the Fed Jackson Hole Economic Symposium, whereGold price is downward biased. The break below July’s 8 high-turned-support at $1752.46 opened the door towards July’s 27 lows at $1711.58 as sellers prepare to attack the $1700 area.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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