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Gold buyers start to lose momentum as risk mood remains more upbeat today


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Gold starts to fall below the 100-hour moving average


ForexLive

Gold is down to its lows for the day as buyers are showing some exhaustion to the topside move in the past week. Of note, price is now back under the 100-hour MA (red line) after having moved close to the level twice yesterday.
A break below will see buyers lose near-term control but a more telling part if gold buyers will lose further momentum is if price starts chasing a move below the 200-hour MA (blue line).
That currently sits at $1,501.62 but the $1,500 level will also offer an additional level of support for buyers in the near-term. Those will be the two key levels I’d be looking at to determine how much lower gold has to go still as we look to close out the week.
The risk mood today remains more calm and slightly more upbeat, with equities posting extending gains now as UK stocks open higher and Treasury yields continuing to remain higher as well during the session.
For gold, the next key thing to look at will be the Jackson Hole symposium next week, which will bring central bank rhetoric back in focus. More dovish commentary by central bank members around the globe will help to keep the upside momentum going.
However, if Fed members start pouring cold water on expectations for easing in September, expect gold to take quite a knock in the short-term.

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