Gold Price Analysis: XAU/USD holds past the broken triangle formation at $1972 per ounce
Gold has pushed higher on Monday despite the volume being low due to the UK bank holiday. There have been some slightly bearish comments from Fed officials as Bostic stated the recovery is happening but data is showing signs of slowing. Fed’s Clarida did clear up the Fed’s stance however as he stated “unemployment rate by Itself and in the absence of inflation will not be a sufficient trigger for a rate hike”. If this is confirmed at the September Fed meeting there could be some more upside for gold.
Gold weekly forecast, August 31 – September 4
The uptrend may be expected to continue in case the market rises above resistance level 2033, which will be followed by reaching resistance level 2175.
A downtrend will start as soon, as the market drops below support level 1920, which will be followed by moving down to support level 1862 and if it keeps on moving down below that level, we may expect the market to reach support level 1795 – 1740.