The precious metal managed to log another week of gains. However, last week’s volatility failed to push gold prices any higher. The precious metal is likely to remain in a wait-and- see mode heading into this week. Important events such as the FOMC meeting minutes, the ECB minutes and Jackson Hole symposium will be some of the catalysts for gold.
XAUUSD Could Turn Weaker if 1500 Support Fails
Price action in gold remains somewhat mixed with the support level near 1500 likely to be critical. Given that gold failed to post fresh highs, we anticipate a steeper correction if the 1500 psychological support gives way. This will pushed gold prices down to test the lows of 1485. To the upside, gold will need to post higher highs to confirm the upside bias.