BUY - XAUUSD

On Friday, the Gold Spot price XAU/USD faced selling pressure after Fed Jerome Powell’s words at the Jackson Hole Symposium. Chair Powell stated that the Federal Reserve (Fed) needs to be cautious regarding the next meetings. He commented that the economy hasn’t cooled down as expected and that the bank will maintain its restrictive policy until it shows signs of cooling down. As he pointed out in July, it will all come down to the incoming data. The Fed will get an additional Nonfarm Payrolls and inflation report from August, and those data points will help investors model their expectations.

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