Gold Weekly Forecast: Bulls take a breather following three-week rally
After rising nearly 14% in a three-week rally and reaching its highest level since mid-May near $4,700, Gold (XAU/USD) corrected lower to end the week in negative territory.
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Gold Price Forecast: XAU/USD resumes profit-taking pullback before Warsh’s Jackson Hole speech
Gold is back in the red below $4,600 early Friday, resuming its corrective decline from 15-week highs of $4,697 earlier this week.
Gold recovers $4,600, buyers unwilling to give up
Spot Gold changed course mid-Thursday, trading around $4,610 during the American session after bottoming for the day at $4,566, a fresh weekly low. The US Dollar (USD) lost its footing despite persistent tensions in the Middle East, with attention on the stock market for a change.
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Gold Price Forecast: XAU/USD keeps sight of $4,700 ahead of Fed Warsh’s speech
Gold is making another run to retest 15-week highs of $4,697 early Thursday. Gold traders are taking advantage of an upbeat mood-led US Dollar (USD) retreat, looking past hot US core Personal Consumption Expenditures (PCE) Price Index data for July.