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The yellow metal couldn’t hold on to its bullish momentum from Friday, which shot it to its previous high around the $1977 supply region. However, the upbeat risk appetite in the equities market was the major factor weakening demand for gold’s safe-haven appeal.
The global risk sentiment was bolstered by positive Chinese Manufacturing and Services PMI data released on Monday. The data renewed hopes among investors for a strong economic recovery from the Coronavirus pandemic.
Also, a goodish bounce in the US dollar (DXY) today has applied more bearish pressure on the dollar-denominated commodity. However, last week’s dovish stance by the Fed might keep the USD bulls from becoming aggressive in the near-term, which could help the non-yielding metal consolidate or recuperate. Fed Chair Jerome Powell, at last week’s highly-anticipated Jackson Hole Symposium, announced that the central bank was considering a major policy shift to create more room for inflation to wiggle while unemployment stabilizes.
That said, traders will be looking for a strong breakout at this level before placing any aggressive bets.
Gold (XAU) Value Forecast — August 31
XAU/USD Major Bias: Sideways
Supply Levels: $1977, $1983, and $2000
Demand Levels: $1940, $1923, and $1909
Gold has reentered the $1983 – $1960 pivot/consolidation range and a break of either end of this region could precipitate a rally. Meanwhile, last week’s drop was strongly supported by the ascending trendline once again, signifying that this level is key if bears desire to take prices lower.
That said, we could see a retest of this level in the near-term, which could strongly push the price upwards.
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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