Gold Market Outlook
Due to dovish comments from some Federal Reserve officials on Tuesday, gold prices have remained stable around $1,860. While the escalation of geopolitical tensions in the Middle East has boosted the prices of commodities and safe-haven asset gold, the risk of inflation in the United States remains a key factor affecting gold. The New York Federal Reserve (NY Fed) has stated that the one-year-ahead expected inflation rate has risen from 3.6% to 3.7%, indicating a demand for the Federal Reserve to consider further interest rate hikes.
For the technical outlook of XAU/USD, while there is a gap in the gold price chart below, returning to the $… level in the short term is challenging due to the consecutive declines in the past two weeks, and gold buyers' sentiment needs to be released. On the four-hour chart, the Bollinger Bands are gradually widening upwards, and the weekly chart shows a reversal pattern, suggesting that the gold price could potentially test the August 17th low of $… However, in the long term, the gold price is far from the 200-day moving average (DMA) level, so a bearish trend is still in place for medium to long-term trading.
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