Gold price (XAU/USD) rebounds on Tuesday after printing a fresh five-month low below $1,890.00, capitalizing on a mild correction in the US Dollar. Th
in his speech at the Jackson Hole Economic Symposium. It will be worth watching whether Jerome Powell mentions the possibility of a recession due to restrictive monetary policy. On the economic data front, Durable Goods Orders data for July will be watched this week.Gold price extends its recovery to near the crucial resistance of $1,900 as the US Dollar Index corrects after failing to climb above the 103.50 hurdle.
Market participants are expecting that the commentary from Jerome Powell will not come with a warning of additional interest rate hikes. However, a strong message suggesting the possibility of higher interest rates for a longer period cannot be ruled out. According to estimates, the Manufacturing PMI is expected to increase to 49.3 in August from 49.0 in July. The Services PMI is seen declining slightly to 52.2 from 52.3a a month earlier.A major economic dataset will be US Durable Goods Orders for July, which will be released on Thursday at 12:30 GMT. Orders are expected to contract by a sharp 4.0%. In June, Durable Goods Orders expanded by 4.6%.
A survey conducted in July by the National Federation of Independent Business shows small businesses are much less worried about the health of their bank than they were in the immediate aftermath of this spring's bank failures, including that of Silicon Valley Bank.
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