The price of gold, currently at $1,892.34, is rising but encountering difficulties in its pursuit to attain the $1,900 level.

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• Gold price trades higher but faces challenges in its attempt to reach the $1,900 mark.

The pair currently trades last at 1892.34.

The previous day high was 1903.61 while the previous day low was 1885.13. The daily 38.2% Fib levels comes at 1892.19, expected to provide support. Similarly, the daily 61.8% fib level is at 1896.55, expected to provide resistance.

Gold price trades higher near $1,890 per troy ounce during the Asian session on Friday, showing signs of recovery after experiencing losses for the fourth consecutive week. The retreating US Dollar (USD) has contributed to this rebound in the price of Gold.

However, there remains a likelihood of Gold sellers becoming more active due to factors such as increased risk aversion in the market, the presence of stronger United States (US) Treasury yields, and ongoing economic challenges faced by China. These elements could potentially offset the positive influence of the Greenback’s retreat and impact the overall trajectory of Gold Price.

The Gold price has managed to rebound, even in the face of mid-tier data from the United States (US) that showed stronger figures than anticipated. Initial Jobless Claims (Aug 11) decreased to 239K from the previous 250K, lower than the projected reading of 240,000. Additionally, the Philadelphia Fed Manufacturing Survey for August displayed an improvement, rising to a reading of 12 from the previous -13.5, outperforming the expected -10.

This situation suggests that investors are currently in search of additional cues that could provide them with a clearer understanding of the potential direction of the US Federal Reserve (Fed) regarding monetary policy tightening. This suggests that uncertainties persist in the market, leading investors to remain cautious and seek more information before making definitive decisions.

In the upcoming week, investors will likely watch the release of US economic data, particularly concerning Home Sales and Manufacturing indicators. Additionally, the Jackson Hole Symposium, an annual event, will be a focal point of attention. This gathering will bring together central bankers, policy experts, and academics to delve into the global economic outlook, with a particular emphasis on addressing the ongoing inflation situation. The Symposium provides a platform for key figures in the financial and economic sectors to share insights and perspectives, helping to shape understanding and potential strategies in response to the current inflationary landscape.

Technical Levels: Supports and Resistances

XAUUSD currently trading at 1893.28 at the time of writing. Pair opened at 1889.36 and is trading with a change of 0.21 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 1933.62, 50 SMA 1936.57, 100 SMA @ 1963.57 and 200 SMA @ 1906.05.

The previous day high was 1903.61 while the previous day low was 1885.13. The daily 38.2% Fib levels comes at 1892.19, expected to provide support. Similarly, the daily 61.8% fib level is at 1896.55, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1881.79, 1874.22, 1863.31
• Pivot resistance is noted at 1900.27, 1911.18, 1918.75

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