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Gold Price Forecast: XAU/USD defends key $2,470 support, with eyes on Powell speech

old price holds Thursday’s late rebound this Friday, eagerly awaiting Powell’s Jackson Hole speech.
The US Dollar returns to the red with Treasury bond yields on dovish Fed bets and the USD/JPY sell-off.
Gold price remains poised to reclaim $2,500 on dovish Powell’s words and bullish technicals.

Dhwani Mehta FXStreet

Gold price is back in the green zone early Friday, adding on to Thursday’s late rebound. The Gold price rebound could be linked to the resumption of the US Dollar (USD) decline, in the face of fresh USD/JPY sell-off and negative US Treasury bnnd yields.

Gold price looks Powell's speech for a fresh advance

Markets stay risk averse in Asian trading so far this Friday, as they keenly await US Federal Reserve (Fed) Chair Jerome Powell’s Jackson Hole appearance for fresh hints on the central bank’s interest-rate path, especially with traders pricing in aggressive Fed rate cuts on signs of loosening labor market conditions.

Risk-off flows boost the haven demand for the US government bonds, weighing on the Treasury bond yields across the curve and thus, dragging the USD lower. The Greenback also bears the brunt of the renewed USD/JPY sell-off, following Bank of Japan (BoJ) Governor Kazuo Ueda’s hawkish remarks before the parliament on Friday.

Ueda reaffirmed his commitment to raise interest rates if inflation stayed on course to sustainably hit the 2.0% target but remained wary about unstable financial markets.

Despite the latest upswing, Gold price looks set to book the second straight weekly loss, as a Fed interest-rate cut for September is a done deal. However, Fed Chair Jerome Powell’s comments are critical to gauging the magnitude of easing expected in the coming months.

Gold price corrected roughly 1% on Thursday after the US Dollar rebounded firmly from over one-year lows against its major rivals, as risk sentiment deteriorated on unimpressive US S&P Global business PMIs and Jobless Claims data. Further, traders resorted to repositioning in the lead-up to Powell’s Jackson Hole showdown on Friday.

Gold price technical analysis: Daily chart

The short-term technical outlook for Gold price remains in favor of buyers so long as the triangle resistance-turned-support, now at $2,470, holds.

Note that Gold price yielded a symmetrical triangle breakout last week while the 14-day Relative Strength Index (RSI) points north above 50.

These technical indicators suggest that the bullish potential remains well in place for Gold price.

On the upside, should Gold buyers recapture the record high of $2,532, the next relevant topside target is seen at the $2,550 level.

Acceptance above the latter could challenge the $2,600 round level en-route to the triangle target, measured at $2,660.

If the Gold price correction resumes, the immediate support is seen at the abovementioned triangle resistance-turned-support at $2,470.

A breach of the latter will call for a test of the. Further south, the $2,450 psychological barrier will come to the rescue of Gold optimists.

Economic Indicator

Fed's Chair Powell speech

Jerome H. Powell took office as a member of the Board of Governors of the Federal Reserve System on May 25, 2012, to fill an unexpired term. On November 2, 2017, President Donald Trump nominated Powell to serve as the next Chairman of the Federal Reserve. Powell assumed office as Chair on February 5, 2018.

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