Gold Prices Up 0.2% After A Fall In Two Previous Sessions

Gold and silver rates were mixed on 18^th August 2022 on the global market. On MCX, gold futures were up 0.2 percent to 77,552.55 shillings per 10 gram but still hovered near two-week lows after falling 1,501.21 shillings in the previous two sessions.

Silver contracts were down 0.4 percent to 85,112.65 shillings per kg. In global markets, the yellow metal inched higher from recent lows as the dollar and Treasury yields pulled back slightly after US Federal Reserve hinted policymakers may be less aggressive on future rate hikes.

In the July meeting minutes released on Wednesday, Fed officials said the pace of future rate hikes would depend on incoming economic data, as well as assessments of how the economy was adapting to the higher rates already approved.

Spot gold prices were up 0.3 percent at 211,200.44 shillings per ounce after falling to a two-week low in the previous session. Among other precious metals, spot silver edged lower to 2,368.08 shillings per ounce.

In Kenya, the gold rate as of 18^th August 2022 stands at 67,887.5 shillings per 10 grams. Gold ounce price is 211,014.35 shilling per ounce, gold gram price is 6,785.03 per gram 24K, 6,219.61 per gram 22K, 5,936.90 per gram 21K, and 5,088.77 per gram 18K.

According to market analysts, gold may remain volatile as support from global growth worries, geopolitical issues, and inflation concerns is countered by weaker investor interest and concerns about consumer demand.

However, with Fed expected to continue with rate hikes, the US dollar may remain supported and this may pressurize gold.

Analysts say that gold has been supported on the downside by renewed China-US tensions over Taiwan after Washington and the island agreed to start trade talks under a new initiative

The Technical Confluence Detector (TCD) shows that the gold price is battling strong support at around $1,764.

TCD is a tool to locate and point out those price levels where there is a congestion of indicators, moving averages, Fibonacci levels, Pivot Points, etc.

If you are a short-term trader, you will find entry points for counter-trend strategies and hunt a few points at a time. If you are a medium-to-long-term trader, this tool will allow you to know in advance the price levels where a medium-to-long-term trend may stop and rest, where to unwind positions, or where to increase your position size.