Gold prices were mostly unchanged on Wednesday, as worries over the global economic outlook from rising COVID-19 cases offset an uptick in risk sentiment driven by signs of progress in U.S.-China trade negotiations. The dollar index held steady against a basket of major currencies. Spot gold was flat at $1,927.26 per ounce. U.S. gold futures rose 0.5% to $1,933.60. Top U.S. and Chinese trade officials reaffirmed their commitment to a Phase 1 trade deal, which has seen China lagging on its obligations to buy American goods, giving a boost to financial markets on Tuesday. Investors now await U.S. Federal Reserve Chairman Jerome Powell’s speech at Jackson Hole on Thursday for clarity on the direction of U.S. monetary policy. Chinese President Xi Jinping warned that the world’s second-biggest economy is facing a period of ‘turbulent change’ and that rising external markets risk required policymakers to increasingly rely on domestic demand to spur growth. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.3% to 1,248.87 tonnes on Tuesday from 1,252.38 tonnes on Monday.
TREND : WEAK BEARISH
Time : 26/08/2020
Pivot : 1925.41
Technical View : LONG ABOVE 1931.15
Target : 1937.17, 1948.69, 1960.08
Technical View : SHORT BELOW 1919.51
Target : 1913.86, 1902.57, 1890.95