Home Gold News Gold Prices Surged to a One-Week High on Thursday

Gold Prices Surged to a One-Week High on Thursday

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Gold prices surged to a one-week high on Thursday before falling back as the Federal Reserve failed to reassure markets that it will plow into a new round of asset purchases, even as Chairman Jay Powell pitched a plan to let inflation overshoot before raising rates. The policy speech said the central bank would attempt an “average inflation target” as it tries to mitigate relatively high unemployment expected for at least a couple of years. Despite this, Powell did not repeat the Fed’s pledge to continue with asset purchases, a refrain he had stuck to for months as the central bank held rates to near-zero while setting aside more than $1 trillion from its own balance sheet to help steer the economy through the pandemic. Japan wants to avert another state of emergency and needs to consider more stimulus to revive the economy, the government’s top spokesman said. Republicans in the U.S. Congress are working on a narrow coronavirus stimulus bill that could be circulated to rank-and-file lawmakers as soon as this week.

TREND : WEAK BULLISH

Time                                      :           28/08/2020

Pivot                                      :           1941.90

Technical View                     :             LONG ABOVE 1958.41

Target                                   :            1974.91, 2008.98, 2041.39

Technical View                     :             SHORT BELOW 1924.96

Target                                   :            1908.03, 1875.72, 1841.55

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