Focus shifts to FOMC Chairman Powell's speech on August 27th....
After rebounding above $2,000 at the start of LAST week, the troy ounce of the precious metal fell sharply last Wednesday and lost more than 3.5%. Although the XAU/USD pair stayed relatively quiet in the second half of last week, it struggled to recover its losses and closed the week in the negative territory at $1,940.
The broad-based USD strength following the FOMC's July Meeting Minutes caused gold to remain on the back foot. The US Dollar Index, which tracks the USD's performance against a basket of six major currencies, snapped its eight-week losing streak and finished the week at 93.20.
......................We might see an opportunity to buy at that zone to ride the price up before 27th.....lets see what happens.......
Risk Management is the key.....
The broad-based USD strength following the FOMC's July Meeting Minutes caused gold to remain on the back foot. The US Dollar Index, which tracks the USD's performance against a basket of six major currencies, snapped its eight-week losing streak and finished the week at 93.20.
......................We might see an opportunity to buy at that zone to ride the price up before 27th.....lets see what happens.......
Risk Management is the key.....