{"id":68698,"date":"2023-08-29T14:20:45","date_gmt":"2023-08-29T11:20:45","guid":{"rendered":"https:\/\/ironfx-com-php8.wp-dev.int.theitops.net\/?p=68698"},"modified":"2025-11-27T16:07:18","modified_gmt":"2025-11-27T14:07:18","slug":"gold-moves-higher-for-a-second-week-in-a-row","status":"publish","type":"post","link":"https:\/\/www.ironfx-cn.com\/ms\/gold-moves-higher-for-a-second-week-in-a-row\/","title":{"rendered":"Gold moves higher for a second week in a row"},"content":{"rendered":"

Gold at the time of this report<\/a>, seems to be moving in an upwards<\/strong> trajectory<\/strong> for the second week in a row, with the precious once again highlight its inverse correlation with the USD which may be the main factor behind the movement of gold\u2019s price currently. We note the potential for high volatility in the gold market, due to the numerous high impact financial releases stemming from the US which are due to be released during the week. In this report, we aim to shed light on the catalysts driving gold\u2019s price, assess its future outlook and conclude with a technical analysis. <\/p>\n\n\n\n

Jackson Hole summit<\/strong><\/h2>\n\n\n\n

Since the keynote speech from Fed Chair Powell<\/strong> at the Jackson<\/strong> Hole<\/strong> summit<\/strong> on Friday, the greenback<\/strong> appears be losing<\/strong> some ground<\/strong>, as market participants may be turning their attention<\/strong> to the release of key US economic data<\/strong> during the week. As such, despite the perceived<\/strong> hawkish<\/strong> rhetoric<\/strong> stemming from Fed Chair Powell<\/strong> at Jackson Hole, it appears that the US Treasury Yields<\/strong> are drifting<\/strong> slightly lower<\/strong>, which in turn<\/strong> may reduce<\/strong> demand<\/strong> for the dollar<\/strong> and given the inverse<\/strong> relationship<\/strong> between the greenback<\/strong> and the precious<\/strong> metal<\/strong>, it may have allowed the precious<\/strong> to capitalize<\/strong> on dollar<\/strong> weakness<\/strong>. In addition, the reduction of US Treasury Yields may have also provided support<\/strong> for gold<\/strong>, as the Treasury Yields<\/strong> are interest<\/strong> bearing<\/strong>, but if there is a reduced<\/strong> incentive<\/strong> due to the lower<\/strong> Yields<\/strong>, then it may provide support<\/strong> for the precious<\/strong>, as two are inversely<\/strong> related<\/strong>. In conclusion, the inverse<\/strong> relationships<\/strong> experienced by the precious<\/strong> metal<\/strong> with the US Treasury Yields<\/strong> and the greenback<\/strong>, may have provided support<\/strong> for the commodity<\/strong>, as we near key financial releases from the US<\/strong> this week. In the event that the financial<\/strong> releases<\/strong> from the US<\/strong> are indicative<\/strong> of a loosened<\/strong> labour<\/strong> market<\/strong> and perhaps a weaker<\/strong> US<\/strong> economy<\/strong>, we may see Emas<\/strong> further capitalizing<\/strong> on a weaker<\/strong> greenback, <\/strong>as expectations of further<\/strong> rate hikes<\/strong> may be reduced<\/strong>, thus allowing<\/strong> the precious<\/strong> to move in an upwards<\/strong> fashion<\/strong>.<\/p>\n\n\n\n

Poland stocks up on Gold<\/strong><\/h2>\n\n\n\n

According to Bloomberg, the Polish central bank<\/strong> has made its biggest<\/strong> gold<\/strong> purchase<\/strong> in four years<\/strong> in July, by adding 20.4 tons of Emas<\/strong> in a single month, which according to the World Emas<\/strong> Council, is the largest buyer<\/strong> amongst central banks<\/strong> in Q2<\/strong>. The ramping up of Emas<\/strong> purchasing by central banks<\/strong> could be part of a wider trend<\/strong> amongst Governments<\/strong> who may be worried<\/strong> about the BRICS<\/strong> bloc, which has been considered<\/strong> by the West to be attempting<\/strong> to counter<\/strong> the G4 and potentially increasing attempts to ramp up de-dollarization<\/strong> attempts, as China appears to be aiming to reduce<\/strong> the global<\/strong> influence<\/strong> of the dollar<\/strong>. Therefore, central<\/strong> banks<\/strong> such as that of Poland<\/strong>, may be increasing their gold<\/strong> reserves<\/strong> in anticipation<\/strong> of a gradual decoupling<\/strong> from the greenback<\/strong>, or in order to be able to continue economic<\/strong> relations<\/strong> with negara<\/strong> who are trying to decrease<\/strong> their reliance<\/strong> on the dollar<\/strong>. In conclusion, the potential<\/strong> risk<\/strong> of de-dollarization attempts<\/strong>, may lead to more banks<\/strong> increasing<\/strong> their gold<\/strong> reserves<\/strong> and as such by increasing demand<\/strong>, then we may see the precious\u2019s<\/strong> price being supported<\/strong> in the long run.<\/p>\n\n\n\n

Analisis Teknikal<\/strong><\/h2>\n\n\n\n

XAUUSD H4 Chart<\/em><\/strong><\/h3>\n\n\n\n
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