XAU receives strong support from USD
Weaker USD Supports Strong XAU Gains
XAU is currently at an all-time high
Although gold has since been hit by a wave of profit-taking from investors, the decline in the USD is providing positive support and halting the decline in the precious metal.
Traders are now looking ahead to the annual Jackson Hole Federal Reserve meeting that begins later this week. In previous years, central bank officials have made market-moving statements at the meeting. Federal Reserve Chairman Jerome Powell is scheduled to speak at the meeting on Thursday morning.
XAU is currently at an all-time high
Although gold has since been hit by a wave of profit-taking from investors, the decline in the USD is providing positive support and halting the decline in the precious metal.
Traders are now looking ahead to the annual Jackson Hole Federal Reserve meeting that begins later this week. In previous years, central bank officials have made market-moving statements at the meeting. Federal Reserve Chairman Jerome Powell is scheduled to speak at the meeting on Thursday morning.
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