Gold Stabilizes at $1,915 Amid Powell's Remarks and US Economic
Gold found stability at approximately $1,915 per ounce on Monday. This comes as investors continue to assess the implications of Federal Reserve Chair Jerome Powell's remarks at the Jackson Hole symposium. They are also eagerly anticipating upcoming economic data releases in the United States, which will play a crucial role in shaping the outlook on interest rates.
In his speech, Powell conveyed the Fed's readiness to raise rates further, emphasizing their commitment to maintaining a restrictive policy stance until inflation shows more sustained moderation towards the targeted levels, given its current elevated status. Nevertheless, he underscored the cautious approach they would adopt in implementing additional rate hikes, acknowledging the progress made in addressing inflationary pressures while acknowledging the unexpected strength of the US economy as a source of potential risk.
Investors are now turning their attention to a slate of forthcoming economic indicators this week. These include the monthly jobs report, the PCE price index, and the ISM Manufacturing PMI in the US, all of which will provide valuable insights into the economic landscape.
XAUUSD BUY LIMIT 1912 - 1914🕯
✅ TP1: 1917
✅ TP2: 1922
⚠️ SL: 1908
In his speech, Powell conveyed the Fed's readiness to raise rates further, emphasizing their commitment to maintaining a restrictive policy stance until inflation shows more sustained moderation towards the targeted levels, given its current elevated status. Nevertheless, he underscored the cautious approach they would adopt in implementing additional rate hikes, acknowledging the progress made in addressing inflationary pressures while acknowledging the unexpected strength of the US economy as a source of potential risk.
Investors are now turning their attention to a slate of forthcoming economic indicators this week. These include the monthly jobs report, the PCE price index, and the ISM Manufacturing PMI in the US, all of which will provide valuable insights into the economic landscape.
XAUUSD BUY LIMIT 1912 - 1914🕯
✅ TP1: 1917
✅ TP2: 1922
⚠️ SL: 1908
