Forex
Home›Forex›Major Pairs›Gold stays near three-month highs as traders await US…
Gold stays near three-month highs as traders await US PCE
Gold was around 4,650 USD per ounce on Wednesday, supported by weaker dollar after US Treasury increased long-term bond buybacks.
Gold prices held near three-month highs on Wednesday, trading around 4,650 USD per ounce as investors looked ahead to the next US PCE release, the Federal Reserve’s preferred inflation gauge, Action Forex reports.
The outlet said attention is also shifting toward Fed Chair Kevin Warsh’s speech at the annual Jackson Hole Symposium on Friday, although markets do not expect him to provide a direct signal on the Fed’s September decision.
Action Forex attributed part of gold’s support to the US Treasury’s plan to double the size of its long-term bond buybacks to support market liquidity, a move that helped push the dollar to its lowest level in more than three months. It also cited falling oil prices for a third straight session and higher Chinese net gold imports through Hong Kong, which rose about 11% month-on-month in July.
Technically, the article described consolidation around the 4,651 USD area on the H4 chart and pointed to a possible near-term dip toward 4,530 USD, followed by a rebound toward 4,600 USD and potential movement toward 4,500 USD, with the near-term direction hinging on the US inflation data and any guidance from the Federal Reserve.
Latest closeGold $4,432.00 ▲1.6%