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Gold trading signal - GOLD - GC

Signal and Price Analysis on Commodities

Good Morning Traders,

Today, August 26,  Lift-Off offers a SHORT trading signal on Gold formed on Friday, August 26, 9 pm:00, with the day causing gold to lose 1.14 percent, following the words of Jerome Powell, Federal Reserve Chairman at the Jackson Hole symposium, bringing the price of gold back to $1750.

Gold is not behaving as a safe haven asset at this time of high inflation present in the U.S. and Europe, so a return toward period lows are, in our view, highly likely.

Below the GOLD chart with the signal detected by Lift-Off

The news that caused the descent:

Gold at one-month low after Powell's words

"Prices of the yellow metal tumbled last week after Fed Chairman Powell's statements made no reference to cautious turns by the central bank. Instead, Powell warned consumers and businesses that they will have to contend with sharp rate hikes until the inflation rate is under control."

Source: investing.com

Signal Chart of August 29

SELL GC - Future Gold

Input price: $1750.80
Stop Loss: $1825
Take profit: $1687

R/R: 1.85