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Gold’s chance to rebound looks weak ahead of Jackson Hole

Gold price was edging upward during the US trading session, despite the US Dollar’s strength. The rise and challenging XAU/USD price are supported by high US Treasury bond yields and a lack of support for depolarization among the BRICS bloc. Friday’s Jackson Hole Symposium is looked upon as the key event that can offer clear directions for gold Price all along next week. Gold is trading at $1900.65 per ounce at the time of writing.

Gold traders are prompted by conflicting worries about China, Russia, and aggressive Fed talks. August’s preliminary Purchasing Managers Index data looked for new momentum, and gold exhibits an upward grind around the $1,900 threshold, approaching the $1,910 resistance confluence.

The dollar regains buyers’ attention amid firmer US data, hawkish Federal Reserve (Fed) talks, and upbeat Treasury bond yields. Mixed geopolitical and trade concerns, as well as positioning for Wednesday’s preliminary readings of the August month Purchasing Managers Indexes (PMIs) for major economies, could add strength to the recovery moves.

The US 10-year Treasury bond yields rose to the highest level since late 2007, but retreating to 4.33% flags the market’s indecision, challenging the XAU/USD traders. The US S&P Global Manufacturing PMI is likely to improve to 49.3, but the Services counterpart may edge lower to 52.2 versus 52.3 prior. The S&P Global Composite PMI is expected to reprint the 52.0 number, allowing the current gold Price weakness to prevail. So far, gold’s chance to rebound looks frail below $1,910 while PMI remains in focus.

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