Gold Price Forecast: XAU/USD will struggle to come out of the defensive in the near future – Commerzbank

Gold has so far been unable to recover significantly from the five-month low of $1,885 that it registered last week. Economists at Commerzbank analyze XAU/USD outlook.

Fed Chair Powell could help Gold price pick up again 

Gold will doubtless find it difficult to come out of the defensive in the near future. That said, sentiment is now already so bearish that it wouldn’t take much to spark a price recovery. 

It is possible that Fed Chair Powell will help prices pick up again at the Fed’s Jackson Hole symposium if he sounds less hawkish in his speech on Friday than people clearly expect him to.