Technical Analysis

Gold pushes higher towards key near-term levels amid softer risk flows

Gold rises up by 0.6% on the day


Gold is up to its highs for the day now around $1,505 as the defensive flows in bonds is also spurring some money into bullion in the European morning. Price continues to find a base around $1,494 from the swing region support and is now extending higher.

Of note, price is closing in on a test of the key hourly moving averages once again. If buyers can establish a break above those levels (red and blue lines respectively), the near-term bias will turn more bullish and we could see a shift in tone from yesterday.

Looking ahead, the risk mood continues to be one to watch but the main event will be the Jackson Hole symposium towards the end of the week. Be on the look out for Fed speakers in the event as that will no doubt lead to some push and pull in expectations ahead of the FOMC meeting in September.

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