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live commentary Post
Gold price struggles to extend recovery as US Dollar revives
By TradeRadius | Thu, 24 Aug 2023 12:59:07 UTC
Gold price (XAU/USD) recovered confidently as the US Dollar and Treasury yields faced selling pressure after S&P Global reported weak preliminary PMI data for August. Lower factory activity and bleak service sector growth raise concerns over the resilience of the US economy and strengthen hopes of a neutral commentary from Federal Reserve (Fed) Chair Jerome Powell at the Jackson Hole Symposium.
Investors remain worried about the financials of US firms as rising interest rates and higher inflationary pressures force them to scale down their operating capacity in accordance with a deteriorating demand environment. If this situation persists, labor market conditions are likely to deteriorate.
Daily Digest Market Movers: Gold price surrenders some gains ahead of Fed Powell's speech
Technical Analysis: Gold price corrects from two-week high
Gold price extends its four-day winning streak, supported by a correction in the US Dollar and Treasury yields as the PMI data prompted investors to question the resilience of the US economy. The recovery move in the precious metal pushes it above the 200-day Exponential Moving Average (EMA), suggesting that the long-term trend is turning bullish again. The yellow metal also climbs above the 20-day EMA but a closing above the same is highly required to keep the upside momentum.
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