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Gold slips below $4,600 as the dollar holds above 99.00
Gold traded around $4,595 after rejecting the $4,700 area earlier in the week, with support flagged near $4,583 and $4,525.
Gold prices eased after giving back a mild recovery, falling back below $4,600 as the US Dollar Index consolidated above 99.00, according to FXStreet.
FXStreet linked the move to a cautious tone ahead of the Jackson Hole symposium and to strong US inflation data, including Wednesday’s PCE Price Index that stayed well above the 2% target. The report said expectations for a September rate hike were little changed at 36% based on CME Group’s FedWatch Tool.
With gold at about $4,595, FXStreet said the near-term technical bias remains bullish while it stays above the 200-day simple moving average, currently around $4,525. The article also pointed to near-term support at Wednesday’s low near $4,583 and resistance at the $4,700 area and the $4,775 level.
FXStreet added that the 200-day SMA and other nearby lows, including an August 20 low near $4,450 and an August 14 low around $4,310, would be key levels to watch if price action breaks lower.
Latest closeGold $4,445.30 ▲1.2%|Dollar index 98.78 ▼0.1%