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Powell Delivers Dovish Gift

By Craig ErlamCommoditiesAug 27, 2021 04:40PM ET
www.investing.com/analysis/powell-delivers-dovish-gift-200600260
Powell Delivers Dovish Gift
By Craig Erlam   |  Aug 27, 2021 04:40PM ET
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Gold appears to be eyeing its mid-summer highs after Fed Chair Jerome Powell’s comments during the virtual Jackson Hole event.

Powell delivered what the markets wanted to hear. No immediate taper, an awareness of the downside risks for the economy and a commitment that tapering and rate hikes remain unlinked.

The US Dollar Index softened after the speech and gold rallied back through $1,800. The question now is whether it can mount a run at $1,833, a break of which would send a very bullish signal.

ZAU/USD Daily Chart.
ZAU/USD Daily Chart.

We’re seeing a strong end to the week, but time may just not be on gold’s side. Given what we experienced early in the Monday Asia session a few weeks ago, next week could be interesting.

A move above $1,833 will get people talking about $1,900 once more, although it may run into some resistance around $1,860, where it has previously struggled.

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Powell Delivers Dovish Gift
 

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Powell Delivers Dovish Gift

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Comments (5)
Gustavus Maramis
Gustavus Maramis Aug 28, 2021 9:15AM ET
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With daily C19 vD mortality (average) 1000 souls do you think US economy getting better ?
Sunday James
Sunday James Aug 28, 2021 7:44AM ET
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How does strong economy high information and zero Interest raes go together only PhDs can have some .. Read more
Shivam Dave
Shivam Dave Aug 28, 2021 4:07AM ET
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How does strong economy, high inflation and zero interest rates go together? Only PhDs can have some explanations that no one will understand.
Bkr Ali
Bkr Ali Aug 28, 2021 4:07AM ET
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so it means weak economy and Powell big liar and think he talking to school students and continue play silly games ... Powell very weak and traditional person to manage FED
Joe Trader
Joe Trader Aug 27, 2021 8:12PM ET
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J Pow thinks inflation is benign!! Does the Fed know how much it is affecting the middle class? Does every Fed move has to be market friendly? Ridiculous!!
Johnnie Walker
Johnnie Walker Aug 27, 2021 5:45PM ET
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Keep up the good work Powell. $$$
 
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