GOLD PRICE FORECAST: PRECIOUS METALS HINGE ON SEPTEMBER FED MEETING

  • Gold worth edges increased to begin the week with the Fed assembly on deck
  • XAU/USD gaining floor because the US Greenback weakens and yields retreat
  • Treasured metals like gold might fall if FOMC officers speak down markets

Gold is buying and selling on its entrance foot as valuable metals intention increased headed into the Federal Reserve assembly scheduled this week. The newest advance set forth by gold worth motion appears to be like to tee up the shiny commodity for a possible topside breakout from its current consolidation.

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FOMC officers underscoring their dovish stance and dedication to holding monetary situations accommodative probably stands to recharge the gold worth rally. Commentary on the recent implementation of common inflation concentrating on might bolster gold costs as effectively.

GOLD PRICE CHART WITH US DOLLAR INDEX & TEN-YEAR TREASURY YIELD OVERLAID: DAILY TIME FRAME (DEC 2019 TO SEP 2020)

Gold price chart forecast

Chart created by @RichDvorakFX with TradingView

That mentioned, if the Fed decides to speak down markets, maybe by emphasizing draw back dangers confronted by the economic system and rising disconnect between Wall Avenue and Foremost avenue, gold may face additional headwinds. That is seeing {that a} pessimistic Fed has potential to ignite threat aversion and steer XAU/USD worth motion decrease because the US Greenback catches bid alongside rising investor demand for safe-haven currencies.

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Sep 15

( 16:09 GMT )

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GOLD PRICE CHART: DAILY TIME FRAME (29 APR TO 14 SEP 2020)

Gold price chart forecast xau usd september fed meeting

Chart created by @RichDvorakFX with TradingView

The trail of least resistance however seems tilted to the upside. Technical help across the $1,920/ozworth stage appears to be like plentiful and exhibits potential to maintain a flooring beneath gold going ahead. This space of help can also be highlighted by the positively sloped 50-day transferring common.



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Change in Longs Shorts OI
Every day 3% 18% 6%
Weekly -10% 19% -4%

Topping the August 18 shut close to $2,010 per ounce may encourage gold bulls to set their sights on recent document highs. Then again, a breakdown of the symmetrical triangle consolidation sample, maybe recognized by an in depth beneath the $1,920-price stage, might counsel extra turbulence forward for gold.

Preserve Studying: Gold Value Forecast Shiny & Unstable as USD, Actual Yields Swing

— Written by Wealthy Dvorak, Analyst for DailyFX.com

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