Gold Price (XAU/USD) edges higher to around $1,915 as it defends the first weekly gain in five while marking no major surprises to begin the trading w
eek. That said, the XAU/USD cheered a pullback in the United States Treasury bond yields, as well as the mixed statements from the major central bank officials at the annual Jackson Hole Symposium, to recall the buyers after their four-week absence. However, the cautious mood ahead of this week’s top-tier inflation and employment clues from the United States prods the Gold Price upside amid the initial hour of Monday’s Asian session.
Apart from Powell’s speech, the comments of Federal Reserve Bank of Cleveland President Loretta J. Mester also appeared hawkish as she warned that the under-tightening would be worse than overtightening. The policymaker also added, “We are getting close to where we need to be with rates.” It’s worth noting that the market’s preparations for US Commerce Secretary Gina Raimondo’s visit to Beijing, as well as China’s readiness for more stimulus, also lures the XAU/USD buyers due to the Dragon Nation’s status as one of the world’s biggest Gold customers.
Gold Price not only managed to post the first weekly gain in five but also regained its place beyond the $1,910 support confluence comprising the 200-day Simple Moving Average and 61.8% Fibonacci retracement of February-May upside.
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