Overnight Market Review (2022.8.26) Gold prices fell nearly $25 after Fed Chairman Powell’s much-anticipated Jackson Hole speech, with analysts saying gold could fall to $1,600 an ounce unless buyers step in to buy Dollar.
Fed Chairman Jerome Powell said at the Jackson Hole seminar that the Fed will not turn around and that interest rates will remain high for longer than the market expects. “Restoring price stability may require a restrictive policy stance for some time, and history provides a strong warning against premature easing,” Powell said on Friday.
Trading strategy deployment: it is recommended to go short at high levels
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