XAU/USD analysis, August 29, 2022
Gold prices extended losses to $1,734 an ounce last week, after Fed Chairman Powell pledged to bring down inflation and said the central bank would continue to raise interest rates during his Jackson Hole speech.
On the 4hour candle chart, The precious metal found resistance in the area at 1794/1808, and then fell again.
The 50 and 100 hour simple moving averages could push the gold price further down towards the support area at 1696/1677.
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