EUR/USD 1.15579
-0.259%
Gold 4501.57
-3.165%
Oil 96.968
2.893%
USD/JPY 159.297
0.997%
GBP/USD 1.33332
-0.723%
GBP/JPY 212.398
0.318%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On March 21, the Israel Defense Forces (IDF) issued a statement saying that it had launched a large-scale airstrike on multiple ballistic missile production facilities in Tehran, the capital of Iran. The statement said that, with intelligence support, the IDF struck dozens of facilities used by the Iranian Islamic Revolutionary Guard Corps for the research and production of ballistic missile components, missile component storage facilities, and missile fuel-related facilities. The statement also said that the IDF would continue to expand its strikes against Iranian weapons production facilities.Iranian Embassy in India: Iranian President Pezechzian called on BRICS countries to play an independent role in stopping aggression against Iran.Iranian television: Police in West Azerbaijan province have arrested 25 suspected intelligence agents.On March 21, Bank of America discussed the outlook for the US dollar and maintained its medium-term bearish view. The bank stated, "Since the outbreak of the Iran war, the US dollar has unsurprisingly appreciated against other G10 currencies, although the overall appreciation has not been significant. Until the situation becomes clearer, oil prices and major risks will continue to dominate the foreign exchange market. Meanwhile, interest rate expectations have been raised in most G10 central banks, which has somewhat restrained the dollars appreciation," Bank of America noted. Bank of America further pointed out that although relative interest rates have not been the main driver of the foreign exchange market during this period, this situation may change as the impact of the war on the real economy gradually becomes apparent. "While we maintain our long-term bearish view on the US dollar, upside risks to the dollar are likely to dominate as the war continues," Bank of America added.The Israeli military claims to have attacked a ballistic missile production facility of the Iranian Revolutionary Guard in Tehran.

Gold Price Prediction: XAU/USD stabilizes solidly above $1,750 as DXY retreats in front of Jackson Hole

Daniel Rogers

Aug 25, 2022 14:45

 93.png

 

During the Asian trading session, the gold price (XAU/USD) reached a fresh four-day high of $1,756.77. Prior to the Jackson Hole Economic Symposium, the US dollar index (DXY) is experiencing a self-off, which is favorable for the precious metal. The DXY has showed a gloomy initial trading session and has fallen to approach Tuesday's low of 108.36.

 

The foreign exchange (FX) market is anticipated to continue volatile as investors receive contradictory comments from analysts regarding Jerome Powell's Jackson Hole speech. Undoubtedly, the data indicate that price pressures are close to peak, and the loss in private sector activity causes the Fed to decrease the rate at which it is increasing interest rates.

 

However, the inflation rate is above 8%, and the Fed's onerous task of raising interest rates will continue for some time.

 

In addition, investors will focus on the Core Personal Consumption Expenditures (PCE) data for the second quarter, which is anticipated to remain unchanged at 4.4%.

 

On an hourly scale, gold prices are seeking to break above the 38.2% Fibonacci retracement at $1,758.40 (set from Monday's low of $1,727.87 to August 10's high of $1,807.93). At $1,756.20, the precious gold has pierced the 200-period Exponential Moving Average (EMA). In addition, the 50-day exponential moving average (EMA) at $1,748.46 is rising, adding to the upward filters. In addition, the Relative Strength Index (14) has moved into the bullish zone of 60.00-80.00, indicating further gain.

Suggestion