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Gold dropped from eight-month high but still holding recent gains

XAU/USD retreats from its highest since early June 2021 after rose above $1900 on Thursday, with geopolitical tensions around Ukraine seem easing for now.

XAU/USD retreats from its highest since early June 2021 after rose above $1900 on Thursday, with geopolitical tensions around Ukraine seeming easing for now.

Tensions have been high this week as the U.S. ramped up warnings of a possible Russian attack. Gold prices are sharply higher on safe-haven demand, silver prices are moderately up.

Russian-backed rebels and Ukrainian forces traded accusations on Thursday that each had fired across the ceasefire line in eastern Ukraine. Joe Biden says the risk of Russian invasion of Ukraine "very high".

Gold price may looking for support at $1780/50

Gold price hits more than two weeks low during Friday’s Asian session. Hovering around $1790, approaching January low as U.S. yields pause previous declines and US dollar extending gains above 97.

Russia-Ukraine tensions boost safe-haven appeal, gold price used to hit two-month high at $1853 early this week. However, prices above $1850 lies strong resistances.

Then FOMC meeting led gold price to pull back further. US Federal Reserve signal their first interest-rate hike since 2018, setting the stage for a March move to cool red-hot inflation.

Gold retreated from 2-month high as focus turns to US inflation data

Gold price retreated from two month high, hovering below $1830, as investors awaited key U.S. inflation data to gauge the Federal Reserve's next move on rate hikes.

The US Bureau of Labor Statistics will release the Consumer Price Index (CPI) data on Wednesday. Investors expect the CPI to edge higher to 5.8% on a yearly basis from 5.4% in September, which would be the highest since December 1990.

Surge in demand along with supply chain constraints and global labor shortages keep pushing inflation, and accelerating inflation spreads through the economy.

Gold breaks above $1800 post CPI, eyeing next week's FOMC meeting

Gold prices held above the key psychological level of $1,800 after U.S. inflation released. As U.S. core consumer prices slow in August, edged up 0.1%, which was the smallest gain since February.

Lower than expected CPI datas led to uncertainty over the U.S. Federal Reserve’s timeline to taper monetary stimulus, and it makes a September taper announcement from the Fed less likely

Gold price consolidates below $1800 ahead of Powell's speech

Gold price posted rebound in the European session, but still trading below the key psychological level of $1,800, as investors await U.S. Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole symposium.

Traders are closely watching Powell’s speech later in the day for details on how and when the central bank might look to taper its monetary stimulus measures.

Will Gold Continue to Fall ?

Gold started the Week under modest selling pressure and fall below $1,800/oz amid the US dollar cheered strong employment numbers

Moving on, we have to pay close attention to the US FOMC committee speech. Any indication on taper may accelerate its downside toward the next support 1702/1680 once again. However, investors should pay close attention to the price that may rebound from the bottom as the RSI points below the oversold region.

Gold Looks For Rebound From Bottom

Gold fell more than 2% to $1,770 an ounce on Thursday, the lowest since end-April as the dollar index extended gains to 8-week highs. Technically the bulls are stepping in at a critical area of support. Thus that could be a rebound and points toward the resistance level 1803/1808

Will Gold Breaks Above 1800oz ?

Trend: Bullish

Position: Long

Personal Opinion

Breaks above 1800oz may surge to the next resistance level 1815oz, If breaks below the bullish trendline, 1765/oz below may revive as bearish outlook

Fed Chair Powell's Testimony May Decide the Direction of Spot Gold

Spot gold gained $1781 an ounce on Friday and received from a 7-month low but still booked the sharpest weekly decline since January. Meanwhile.the investor should pay close attention to the main event of the week will be Fed Chair Powell’s testimony on Capitol Hill and President Biden’s COVID relief bill forward with a vote.

Dollar inches Up ahead of US's Jobless Claim. Will Gold Resume its Down Trend?

Gold remained under pressure on Thursday, hovering near a three-month low of $1,770 an ounce, pressured by a combination of a stronger dollar and rising US Treasury yields.Today the market focus is on the US's jobless claim release during the US session. Meanwhile, the investor should be keeping an eye on the other US's economic data.

Click the link for today's economic calendar.

Gold dropped from eight-month high but still holding recent gains

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Gold price may looking for support at $1780/50

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Gold retreated from 2-month high as focus turns to US inflation data

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Gold breaks above $1800 post CPI, eyeing next week's FOMC meeting

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Gold price consolidates below $1800 ahead of Powell's speech

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Will Gold Continue to Fall ?

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Gold Looks For Rebound From Bottom

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Will Gold Breaks Above 1800oz ?

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Fed Chair Powell's Testimony May Decide the Direction of Spot Gold

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Dollar inches Up ahead of US's Jobless Claim. Will Gold Resume its Down Trend?

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