- Gold retreats after having returned to trade above $ 1800.
- The wait for Powell’s speech appears to be limited to price travel in currencies and commodities.
The XAU / USD fell below $ 1800 recently and is trading at $ 1795, at the lowest level since the Asian session. It had previously risen to $ 1805, the highest since Tuesday. In this way, the metal erased the gains of the day, in the previous one of the important speech of Powell.
The president of the Federal Reserve He will present at 14:00 GMT (although the speech could be published earlier). Their words will be searched for clues about the shopping program, in the absence of an explicit advertisement. Danske Bank analysts see that it is too early for an announcement, considering that the employment report will be published next Friday. They most likely see an announcement at the September FOMC meeting.
The dollar It falls slightly on Powell’s pre-game, but the dominant feature remains the range and limited runs. In the case of gold, the price since the beginning of the week has moved sideways, around $ 1800.
The next relevant support for gold can be seen at the $ 1780 zone whose breakout would add pressure on the metal, to go towards the $ 1770 zone, where the next strong barrier is.
The bottom bias still seems to be in favor of the gains in the short term, but to do this, gold must first affirm above $ 1805. Above the next strong resistance is $ 1815, then $ 1835 will follow. A daily close over $ 1,810 (where the 200 and 100 day averages converge) would be a bullish sign for the next few weeks.
Technical levels
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