Gold Price Forecast: XAU/USD surges to 1-week highs at $1,765

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  • Gold gains momentum after breaking above $1,755.
  • Bullish momentum eased after reaching $1765.
  • The focus is on what Powell can say Friday from Jackson Hole.

Gold advanced for the third day in a row on Thursday and hit as high as $1,765, the highest level in a week. It is trading around $1762, supported by a weaker dollar and a slight pullback in Treasury yields.

The US Dollar Index (DXY) is down 0.22% on Thursday. Wall Street futures are in gains. Market focus is on the Jackson Hole symposium, which starts in a few hours. Jerome Powell will speak on Friday and his words may have a high impact.

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On Thursday the economic calendar shows that a new estimate of US GDP growth for the second quarter, the weekly report of jobless claims, and the index of manufacturing activity from the Kansas Fed will be published.

Gold gains are also boosting silver. XAG/USD advances 0.90% and reached as high as $19.40, the highest since August 19.

Next resistance: $1770

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Should the advance be extended, the next strong resistance for XAUUSD looms at $1770, then $1782. In the opposite direction, $1,755 has now become the first support to watch, followed by $1,745. A consolidation below $1,740 would expose the weekly low at $1,727.

Technical levels

XAU/USD

Overview
Today last price 1763.13
Today Daily Change 12.05
Today Daily Change % 0.69
Today daily open 1751.08
trends
Daily SMA20 1770.68
Daily SMA50 1769.77
Daily SMA100 1823.77
Daily SMA200 1838.55
levels
Previous Daily High 1755.89
Previous Daily Low 1742.51
Previous Weekly High 1802.51
Previous Weekly Low 1745.63
Previous Monthly High 1814.37
Previous Monthly Low 1680.91
Daily Fibonacci 38.2% 1750.78
Daily Fibonacci 61.8% 1747.62
Daily Pivot Point S1 1743.76
Daily Pivot Point S2 1736.45
Daily Pivot Point S3 1730.38
Daily Pivot Point R1 1757.14
Daily Pivot Point R2 1763.21
Daily Pivot Point R3 1770.52

Source: Fx Street

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