Gold Turns Bearish, Falls Below 1500

Early on Friday, gold prices are trading bearish after slipping below the key support level at $1,500. At the time of writing, gold is..

Arslan Butt•Friday, August 23, 2019•1 min read

Early on Friday, gold prices are trading bearish after slipping below the key support level at $1,500. At the time of writing, GOLD is trading at a little above $1,494.

Ahead of Fed Chairman Jerome Powell’s speech at the Jackson Hole symposium later today, gold traders remain cautious as they look out for any clues on future rate cuts and easing. The precious metal turned bearish after the release of the FOMC meeting minutes on Wednesday and comments from two Fed officials on Thursday who remarked that the US economy does not need additional stimulus at present.

Gold traders are also waiting for the G7 summit due to take place over this weekend for additional clues on the market sentiment and global economic growth. Meanwhile, China has eased some of its restrictions on importing gold which had been in place since May. This could boost demand for the precious metal in the coming weeks and keep gold prices supported.

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ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.