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XAUUSD (GOLD) ANALYSIS 12 AUGUST 2022 FRIDAY

XAUUSD (GOLD) ANALYSIS 12 AUGUST 2022 FRIDAY

On Friday, Gold prices dropped as hawkish remarks from the Federal Reserve on interest rate increases overshadowed hope for evidence of slowing U.S. inflation. Trading range of XAUUSD for the day is 1786-1792. Key resistance range on the higher side is around 1795-1800. If Gold goes and sustains above this range, then we can see the level of 1810 then 1820. While on the downside, key support range is around 1780-1785 then 1770-1775. If gold goes below this range then we can see further downside in the price of gold till the level of 1750. Remarks made by Fed officials overnight regarding the direction of policy tightening kept markets anxious about future interest rates. Their remarks dampened enthusiasm about an unexpected decline in producer price inflation in the United States in July, data on Thursday indicated. This occurred after a reading on Wednesday revealed that, despite dramatically increasing earlier in the year, U.S. consumer price inflation stayed unchanged through July. Key events to look for today are Italian trade balance and U.S. Prelim UoM Consumer sentiment.