Gold prices consolidates after hitting a record high ($2,075) in
August, but the macroeconomic environment may keep gold afloat.To get
more news about WikiFX, you can visit wikifx official website.
The rebound in gold prices from the monthly low ($1,863) struggles to
retain the momentum as the Federal Open Market Committee (FOMC) in its
meeting minutes revealed a looming change in the monetary policy
outlook: the FOMC has voted unanimously to push back “the expiration of
the temporary U.S. Dollar liquidity swap lines through March 31, 2021”
after extending its lending programs till the end of the year.
In
addition, the Feds chairman Jerome Powell is expected to reveal
something new at the Jackson Hole Economic Symposium scheduled for
August 27-28, with the information further supporting gold prices.
The IG Client Sentiment report implies that the continuous crowding
behavior may raise gold prices, heightening the appeal of gold as an
alternative to fiat currencies. Technically speaking, it is expected to
see bullish gold enduring as it has been trading to fresh yearly highs
for every single month so far in 2020.
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