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Gold holds near four-month high ahead of US PCE and Fed speech
The latest jump follows a surprise US Treasury buyback, and traders are watching Wednesday’s US PCE inflation data and a Fed Chair Warsh speech at Jackson Hole.
Gold steadied near a four-month high, holding a firm tone after gaining nearly 5% last week, helped primarily by a surprise US Treasury buyback, according to analysis from Action Forex.
Traders are now looking for additional signals on the US monetary policy outlook over the coming days, with focus on Wednesday’s release of the US PCE Index, the Fed’s preferred inflation gauge, and a speech by Fed Chair Warsh at the Jackson Hole symposium starting Thursday.
Technical indicators on the daily chart are described as increasingly bullish, with multiple moving average bull-crosses and positive momentum, though the piece notes that overbought conditions could lead to a pause.
In the near term, the analysis cites bulls pressing an immediate target around $4,666, and says a move beyond that would potentially open the way toward $4,773 and, if higher levels give way, the $4,889 peak referenced as the April 17 high.
Latest closeGold $4,432.00 ▲1.6%