- 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.
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
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.
|Today last price||1763.13|
|Today Daily Change||12.05|
|Today Daily Change %||0.69|
|Today daily open||1751.08|
|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