Gold Down, but Remains Above $1,800 Mark Over Fed Taper Delay Expectations

Gold was trading 0.25% down at  $1,806.14.

Gold was down on Tuesday morning in Asia, but remained above the $1,800 level. Hopes are also growing that the U.S Federal Reserve could delay its planned asset tapering thanks to the continuing spread of COVID-19.

Gold Futures edged down 0.17% to $1,803.25 by 12:12 AM ET (4:12 AM GMT) after rising about 1.4% during the previous session. The dollar, which normally moves inversely to gold, inched up on Tuesday after falling about 0.6% the day before.

Meanwhile, investors now look to the Fed’s annual Jackson Hole symposium, due to take place from Aug. 26 to Aug. 28. The central bank is widely expected to provide clues for its next steps regarding asset tapering and interest rate hikes.

The Bank Of Korea will also hand down its policy decision on Thursday.

SPDR Gold Trust  said its holdings fell 0.5% to 1,006.66 tons on Monday, from 1,011.61 tons on Friday.

In other precious metals, silver fell 0.5% while platinum was up 0.3%. Palladium was steady at $2,401.13, after climbing 5.5% during the previous session.

On the technical front Gold , RSI Stood at 55.572, the current price is trading  Above All the Moving Averages . So, a  Buy trade can be executed with the following target and stop-loss:

TRADE SIGNAL-Gold– Buy: 1805.20, TARGET:-1855.20, STOP LOSS:- 1780.20.

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