Gold Price (XAU/USD) reverses from a fortnightly high while consolidating the first weekly gains, so far, ahead of the top-tier central bankers’ speec
. In doing so, the bright metal bears the burden of the recently firmer US Treasury bond yields and the US Dollar. However, the weekly fall can be attributed to the weekly pullback in the bond coupons after they refreshed the multi-year high on Tuesday.
However, the early-week releases of the August PMIs and the upbeat sentiment surrounding the US-China ties, not to forget expectations of witnessing more stimulus from China, put a floor under theFurthermore, the BRICS flash mixed signals on the dedollarization and prod the Gold buyers ahead of the top-tier event.
As per our Technical Confluence indicator, the Gold Price stays well beyond the short-term key support of around $1,897 comprising the Fibonacci 38.2% on one-week. It’s worth noting that, Fibonacci 161.8% on one-day and 61.8% on one-week joins Pivot Point one-day S2 to add strength to the $1,905 support.
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