Gold Technical Analysis: Price is Heading Towards Buying

  • Gold futures snapped a three-session winning streak on Friday, despite a weaker dollar. Investors are watching developments at the annual Jackson Hole Economic Symposium, expecting the event to provide guidance on monetary policy.
  • The price of the yellow metal has struggled to maintain any momentum after surpassing $1,800 earlier this month.
  • The price of gold tried to recover but its gains stopped towards the resistance level of $1765 per ounce before collapsing towards the support level of $1734 per ounce following Jerome Powell’s statements.

Gold price was relatively flat during the week’s trading and remains down roughly 4% year-to-date. As for the price of silver, the sister commodity to gold, it tried to stay above the $19 level at the end of last week’s trading. The price of the white metal posted a weekly gain of 1.4%, narrowly avoiding a bear market. The economic data cannot support the divergent gold prices because the statistics cannot support or oppose any argument for further increases or decreases in interest rates. For now, financial markets will be keeping a close eye on what happens at the Fed’s annual retreat in Wyoming.

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