In the early Asian trading session, gold is making a recovery after experiencing a period of suppression due to the strengthening of the U.S. dollar. Warren Venketas, an analyst at Daily FX, suggests that as concerns about economic growth in China continue to rise, the appeal of gold as a safe haven asset may also increase. Investors are keeping a close eye on several key events, including the Federal Reserve chairman's speech at the Jackson Hole Economic Symposium, developments at the BRICS summit, and the decision regarding the loan prime rate by the Chinese central bank. Currently, spot gold has risen by 0.1% and is trading at $1,890.20 per ounce.
XAUUSD
BUY 1884-1886🕯
✅ TP1: 1892
✅ TP2: 1900
⚠️ SL: 1882
XAUUSD
BUY 1884-1886🕯 ✅ TP1: 1892
✅ TP2: 1900
⚠️ SL: 1882
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HIT TP1 70pips✅ ✅
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Gold prices found stability above their lowest point in five months on Monday. This came after a five-session decline, as investors prepared for the upcoming gathering of central bankers in Jackson Hole, Wyoming. This event will provide insights into the economy and potential interest rate changes.
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Spot gold traded at $1,888.36 per ounce at 0124 GMT, maintaining stability, while U.S. gold futures increased by 0.1% to reach $1,917.70.
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Last week, prices hit their lowest point since mid-March, reaching $1,883.70. This decline was driven by robust economic data, which increased expectations of an extended period of higher U.S. interest rates, consequently diminishing demand for gold, which offers no interest yield.
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* In an anticipated move, China reduced its one-year benchmark lending rate on Monday, as part of efforts to boost credit demand. However, the surprise came as they opted to leave the five-year rate unchanged, contrary to market expectations.
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SPDR Gold Trust (GLD), the largest gold-backed exchange-traded fund globally, reported an increase in its holdings. On Friday, holdings rose by 0.3%, reaching 890.10 tonnes, compared to the previous day's total of 887.50 tonnes.
