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Gold Prices Were Mostly Unchanged on Thursday After Rising More Than 1% in The Previous Session

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Gold prices were mostly unchanged on Thursday after rising more than 1% in the previous session on a weaker U.S. dollar, as investors awaited a speech from Federal Reserve Chairman Jerome Powell due later in the day. Spot gold was steady at $1,952.11 per ounce. U.S. gold futures rose 0.3% to $1,959. The dollar index fell 0.2% to a near one-week low against its rivals, making gold less expensive for holders of other currencies. Powell is set to speak at a virtual Jackson Hole symposium on Thursday, where he is expected to provide more insight on the U.S. central bank’s strategy on inflation and monetary policy. 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, CNBC reported on Wednesday. SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.3% to 1,252.09 tonnes on Wednesday.

TREND : SIDEWAYS

Time                                      :           27/08/2020

Pivot                                      :           1933.17

Technical View                     :             LONG ABOVE 1948.64

Target                                   :            1964.12, 1985.43, 2016.08

Technical View                     :             SHORT BELOW 1922.46

Target                                   :            1911.76, 1881.21, 1859.81

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