Gold Technical Analysis: Reaction From Jackson Hole Seminar

Gold futures ended the last trading week flat below the $1800 level, as the yellow metal recorded a weekly loss. After it crossed the $1800 resistance earlier this month, XAU/USD gold prices struggled to maintain the momentum created by the dollar’s rally and the US central bank’s monetary tightening path. Gold’s losses last week brought it to the level of 1745 countries for an ounce, the lowest in three weeks. The XAU/USD gold market suffered a weekly decline of 3.2%, adding to its year-to-date 2022 loss of around 4%. In the same way, the price of silver, the sister commodity to gold, fell to less than $ 19 an ounce, so the white metal recorded a weekly loss of about 9%, bringing silver closer to a bear market.

James Rogers

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