Gold price goes sideways 1915 waiting for news tomorrow

The gold price has stabilized after a strong rebound, with investors eagerly anticipating new catalysts to drive further movement.

Federal Reserve Chairman Jerome Powell has indicated a willingness to continue tightening monetary policy in order to maintain stable prices.

Additionally, Federal Reserve Bank of Cleveland President Loretta Mester has expressed support for another interest rate hike, although it may not necessarily occur in September.

Comentário:

Investors are currently analyzing Powell's hawkish remarks at the Jackson Hole Symposium, leading to a slight decrease in the price of gold to $1,900.00.

Looking at the bigger picture, gold is being sold within a range of $1,904-$1,922 since Thursday.

The recent market activity has shown two consecutive Spinning Top candlesticks, indicating that participants are unsure about their next moves.

Despite this uncertainty, gold has managed to surpass its 200-day Exponential Moving Average (EMA) and is now trading above it at $1,907.

However, its growth seems to be limited by the 20-day EMA which currently stands at $1,916.