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Gold arrives at key level as investors await Powell speech

Fawad Razaqzada Fawad Razaqzada 24/08/2021
Gold arrives at key level as investors await Powell speech Gold arrives at key level as investors await Powell speech
Gold arrives at key level as investors await Powell speech Fawad Razaqzada
The yellow metal precious metal rallied sharply Monday as the dollar sold off, with a growing number of analysts suggesting Fed Chair Jereme Powell may decide against providing the roadmap for tapering. But with prices already recovery sharply over the course of the past couple of weeks, I wouldn’t be surprised if gold found some resistance around these levels ahead of Powell’s speech on Friday.

goldSource: ThinkMarkets and TradingView.com
 
In fact, gold was testing a key technical resistance zone at the time of writing. As per the daily chart, the area around $1805/10 is a significant because we have the bearish trend line converging with the 200-day average there. Thus, we may see a potential drop, not least on profit-taking, to the next support around $1795. However, if gold then continues to melt, and go on to take out Monday’s low at $1776, then that could trigger fresh technical selling.
 
Meanwhile, a clean break above $1805/10 resistance could pave the way for a move towards the next resistance circa $1830.
 
So, overall, gold may be shining but it is not out of the woods just yet.  
Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.

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Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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