Gold Price Has Ditched The Bears

1. Gold Price Has Ditched The
Bears

2. Points To Be Covered Today:
• XAU/USD Awaits US Inflation, Fed’s Powell
• Gold Price Is Extending The Rebound
• Gold US XAUUSD Daily Share Price Target
• XAUUSD Gold US Current Prices
• XAUUSD Chart
• Gold (XAUUSD) Showing Some Positive Sign
• Trading Signal For Gold

3. XAU/USD Awaits US Inflation, Fed’s Powell
• Gold also benefits from escalating geopolitical tensions and covid woes.
• Gold’s 4H chart shows a falling wedge breakout ahead of key event
risks.
• Gold price witnessed another choppy session on Thursday, although
maintained its weekly range between $1810 and $1777, as the three-
day Jackson Hole Symposium kickstarted.

4. Gold Price Witnessed A Sharp Drop
• In the first half of the day, gold price witnessed a sharp drop to $1780 levels,
as the US dollar rebounded firmly amid two fresh bullish catalysts.
• Re-emergence of hawkish Fed expectations, after Dallas Fed President
Robert Kaplan said that he would like to see a tapering of bond purchases
announced in September, rescued to the dollar bulls.
• Meanwhile, the reports of the Kabul explosion by ISIS further bolstered the
haven demand for the greenback.

5. Treasury Yields Retraced From Weekly Highs
• However, the dour mood on the global stocks amid Fed’s anxiety and
geopolitical tensions over Afghanistan helped a swift recovery in gold
price.
• Meanwhile, the Treasury yields retraced from weekly highs amid a flight
to safety in the US bonds, aiding gold’s rebound.
• Amidst the hawkish Fed view and Kabul blasts, markets paid little heed
to the US Q2 Preliminary GDP and other minority reports.

6. Gold Price Is Extending The Rebound
• Gold price is extending the rebound while battling $1800 ahead of Fed Chair
Jerome Powell’s showdown on the second day of the annual event.
• Investors will look forward to any hints on the taper timing from Powell,
although the Delta covid variant concerns have recently watered down the
hawkish bets.
• Gold traders will await the US PCE inflation data ahead of Powell’s address.
• But Powell’s take on the monetary policy will set the tone for the market in the
coming days, heavily impacting the USD valuations and gold price.

7. Four-hour Candlestick Basis
• In the meantime, markets will watch out for fresh updates on the US-Afghanistan
tensions, with President Joe Biden pledging to strike back on ISIS.
• Also, the Fed’s speculation will continue to influence gold trades in the session
ahead.
• Gold price has confirmed a falling wedge breakout after closing above the falling
trendline resistance at $1795 on a four-hour candlestick basis.
• The upside breakout has re-opened doors towards $1825, which is the pattern
target, However, the weekly highs at $1810 could challenge the bullish attempts on
a sustained move above $1800.

8. The Relative Strength Index
• The Relative Strength Index (RSI) is edging higher towards the overbought territory,
well above the midline, allowing room for more gains.
• On the flip side, 21-Simple Moving Average (SMA) at $1796 is likely to offer an
immediate cushion to the bulls.
• The confluence of the 200-SMA and wedge resistance-turned-support at $1794 will
be the next relevant target for gold sellers.
• Further south, the horizontal 50-SMA at $1791 will be back in play, with a follow-
through downside bias likely to fuel a fresh sell-off towards the pattern support and
100-SMA convergence around $1777.

9. Forex Today: Risk-on Weighs On The Greenback
• The American dollar was sharply down on Friday, following words from US
Federal Reserve Chair Jerome Powell.
• Speaking within the Jackson Hole Symposium, Powell said back in July,
policymakers believed that it could be appropriate to start tapering this year,
noting progress in employment but also adding the worrisome spread of the
Delta variant.
• “We will be carefully assessing incoming data and the evolving risks,” he said.
• Quite a dovish comment that sent stocks up and the dollar down.

10. Forex Today: Risk-on Weighs On The Greenback - I
• The Swiss Franc was the best performer against the greenback, while
the Japanese Yen was the worst.
• EUR/USD flirted with 1.1800, holding nearby, while GBP/USD was
rejected from around 1.3800.
• Commodity-linked currencies advanced, with AUD/USD currently
trading around 0.7300 and USD/CAD standing at around 1.2610.

11. Spot Gold Soared
• Spot gold soared to $1,819.26 a troy ounce, its highest in three weeks,
ending the week around 1,817.
• Crude oil prices saw a modest advance, with WTI settling at $68.60 a barrel.
• Wall Street rallied, with the S&P500 and the Nasdaq Composite posting
record closes amid speculation the US Federal Reserve will maintain
financial support, despite hawkish comments from multiple Fed officials.
• US Treasury yields retreated from weekly highs but settled at the upper end of
their range. The yield on the 10-year Treasury note stands at 1.31%.

12. Is Gold Cheap Or Expensive
• The S&P500 and Nasdaq retreat from the all-time highs on Kabul airport blast
and ahead of Federal Reserve (Fed) Chair Jerome Powell’s Jackson Hole
speech.
• On the chip shortage news, the WSJ reported that TSM could raise its chip
prices from 10 to 20%.
• What would be the implications for the economy and for chipmaker stocks?
• Elsewhere, gold tests $1800 per oz, while Bitcoin is sitting on its 200-day
moving average before the weekend.

13. Gold US XAUUSD Weekly Share Price
Targets
• Gold Us Weekly share price target downside target 1: 1770.87
• Gold Us Weekly share price target downside target 2: 1759.13
• Gold Us Weekly share price target upside target 1: 1794.64
• Gold Us Weekly share price target upside target 2: 1806.67
• If the price of Gold Us is trading below 1782.9 then possibility
of downside targets getting achieved is higher.
• If the price of Gold Us is trading above 1782.9 then possibility
of upside targets getting achieved is higher.

14. Gold US XAUUSD Monthly Share Price Target
• Gold Us Monthly share price target downside target 1: 1767.1
• Gold Us Monthly share price target downside target 2: 1720.43
• Gold Us Monthly share price target upside target 1: 1846.66
• Gold Us Monthly share price target upside target 2: 1879.55
• If the price of Gold Us is trading below 1799.99 then possibility
of downside targets getting achieved is higher.
• If the price of Gold Us is trading above 1799.99 then possibility
of upside targets getting achieved is higher.

15. Gold US XAUUSD Daily Share Price Target
• Gold Us Daily share price target downside target 1: 1797.69
• Gold Us Daily share price target downside target 2: 1778
• Gold Us Daily share price target upside target 1: 1827.81
• Gold Us Daily share price target upside target 2: 1838.24
• If the price of Gold Us is trading below 1808.12 then possibility
of downside targets getting achieved is higher.
• If the price of Gold Us is trading above 1808.12 then possibility
of upside targets getting achieved is higher.

16. XAUUSD Gold US Current Prices
• Gold Us share price opened at: 1793.45000
• Gold Us share price closed at: 1817.38000
• Gold Us share price made a High of: 1818.55000
• Gold Us share price made a low of: 1788.43000
52 week High: 2070.48000
52 week Low: 1458.37000
• XAUUSD is trading in the upper range of yearly prices.
• Went as high as 1915.42000 in the last three months (quarter)
• Went as low as 1717.11000 in the last three months (quarter)
• XAUUSD is trading in the upper range of the quarterly prices.
• The session was a bullish session and prices moved within a range of 1788.43000 and
1818.55000, with a volume of NAN% compared to average volume that Gold Us normally
has.

17. XAUUSD Chart

18. Gold (XAUUSD) Showing Some Positive Sign

19. Trading Signal For Gold

20. Gold Price Has Ditched The
Bears

21. Thanks For listening
Gold Price Has Ditched The Bears