Gold is still around 1920

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Gold prices traded near $1,915 per troy ounce during the Asian session on Monday, extending last week's gains. The recent drop in the US Treasury bond yields (US) helped push the yellow metal to recover. Additionally, moderate US economic data released last week along with mixed statements from major central bank officials at the Jackson Hole Symposium, underpinned Gold prices.

With that said, U.S. Durable Goods Orders in July fell 5.2% from the market consensus of 4%, ranging from 4.4% in June. However, Initial Jobless Claims showed favorable employment conditions, raising concerns about the US inflation scenario. For the week ending Aug. 18, the index fell to 230K from 240K previously, which is expected to remain steady.

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Gold prices will hardly receive impetus to break out without a significant increase in faulty data or a worsening job market. The yuan believes that interest rates will continue to rise, leading to an appreciation of the dollar and pressure on gold prices.

Technically, Gold looks like it is looking for a slight upside momentum before plummeting towards the $1,880 target again.

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Gold prices (XAU/USD) remain tough after pushing back from the downside with the first extreme weekly close in 5 years. The Yellow Metals' latest inaction could be related to market anxiety over this week's top US jobs and danger threat. In doing so, XAU/USD failed to cheer the latest drop in US Treasury yields and the US Dollar, as well as China-related optimism in Asia.

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Powell: Will cautiously decide whether to raise rates again, if appropriate, prepare to raise rates further, will apply restrictive policies until inflation continues to slow, 2% remains is and will continue to be our inflation target.
- Mester: Currently, it is expected to raise rates again this year, but not necessarily in September, once rates stop, they will keep rates unchanged for a period of time. In the new SEP, views may change.
- Harker : Recalling that further rate hikes are not necessary at this point; may need to raise interest rates if inflation stops falling; Inflation must be reduced to 2% and a rate cut is not expected until next year at the earliest.

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🕯 BUY GOLD | 1909 - 1912

🔴 SL: 1904

🟢 TP1: 1917
🟢 TP2: 1922

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Gold prices gained some positive traction for the second straight day on Tuesday and climbed to the $1,925-$1,926 region during the Asian session, or above two-week highs reached the previous day.

The continued decline in US Treasury yields pulls the US Dollar (USD) further and further away from near three-month highs, so this is expected to spur some inflows towards Gold prices. . In fact, the 10-year US government bond yields are said to be extending the retracement from the November 2007 highs set last week and keeping the USD bulls on the defensive. player.

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🟢US Congressman Warren Davidson calls for the dismissal of US Securities and Exchange Commission Chairman Gary Gensler after Greyscale's victory over the SEC.