The price of gold, represented by #XAUUSD, remains relatively stable at $1,915.67 as investors await Federal Reserve Chair Powell’s upcoming speech.

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• Gold price treads water around $1,915 as Fed Chair Powell’s speech looms.

The pair currently trades last at 1915.67.

The previous day high was 1923.43 while the previous day low was 1911.83. The daily 38.2% Fib levels comes at 1919.0, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1916.26, expected to provide resistance.

Gold price struggles to continue the winning streak, trading around $1,915 per troy ounce during the Asian session on Friday. The yellow metal is on the path to recover from the losses registered in the previous four weeks ahead of the US Federal Reserve (Fed) Chairman Jerome Powell’s speech at the Jackson Hole Symposium.

The precious metal has shown resistance despite the improving US Dollar (USD), which could be attributed to the mixed Fed talks at Jackson Hole and the recent pullback in US Treasury bond yields. Additionally, moderate economic data from the United States (US), helped the XAU/USD pair to hold ground.

As said, US Durable Goods Orders for July posted a decline of 5.2% as compared to the expectation of 4%, swinging from the 4.4% reading in June. However, Initial Jobless Claims indicated positive employment conditions, which raises concerns over the inflation scenario in the US. For the week ending on August 18, the index dropped to 230K from the previous reading of 240K, which was expected to remain consistent.

China’s modest interest rate cuts and stimulus measures seem to fail to restore the market sentiment as global investors are leaving the country and seeking more spending from the government. The gloomy situation around China is putting pressure on the price of Gold.

The US Dollar Index (DXY) rebounds and trades higher around 104.10, reinforcing the Greenback against the six major currencies. The recovery of the US Dollar (USD) is driven by moderate US employment data, prompting a cautious market sentiment as investors look for additional cues regarding the inflation outlook.

Technical Levels: Supports and Resistances

XAUUSD currently trading at 1915.59 at the time of writing. Pair opened at 1916.92 and is trading with a change of -0.07 % .

The pair is trading below its 20 Daily moving average @ 1919.36, below its 50 Daily moving average @ 1931.59 , below its 100 Daily moving average @ 1958.96 and above its 200 Daily moving average @ 1909.38

The previous day high was 1923.43 while the previous day low was 1911.83. The daily 38.2% Fib levels comes at 1919.0, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1916.26, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1911.36, 1905.79, 1899.76
• Pivot resistance is noted at 1922.96, 1928.99, 1934.56

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