China’s announces retaliatory tariffs and boosted the commodity’s safe-haven demand. A modest intraday USD pullback remains limited after Powell’s speech and capped gains. Gold reversed an early dip to $1493-92 support area and spiked back closer to weekly tops in reaction to China’s retaliatory tariffs, albeit lacked any strong follow-through. In the latest trade-related development, China announced to levy retaliatory tariffs on another $75 billion worth of US goods. The move was seen as a further escalation in trade conflicts between the world’s two largest economies and provided a strong boost to the precious metal’s perceived safe-haven status. Influenced by USD price dynamics This coupled with a modest US Dollar pullback, led by St Louis Fed President James Bullard’s dovish comments that there will be a debate about 50 bps cut at next meeting and that lower rates would help us hit the inflation target, further lifted the dollar-denominated commodity back above the key $1500 psychological mark. The USD downtick, however, turned out to be rather limited following the Fed Chair Jerome Powell’s scheduled speech at Jackson Hole Symposium. Powell reiterated the stance to act as appropriate to sustain the expansion and refrained from providing clear signals about further, which kept a lid on any further up-move for the non-yielding yellow metal. With today’s key event risk out of the way, it would now be interesting to see if bulls are able to capitalize on the move or refrain from placing any aggressive bets. Nevertheless, at current levels, the commodity seems all set to end the week with modest losses and snap three consecutive weeks of winning streak, though might still manage to settle above the $1500 mark. Technical levels to watch FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next The US charges two Canadians in $230k Bitcoin fraud on HitBTC and Kraken exchanges FX Street 4 years China's announces retaliatory tariffs and boosted the commodity's safe-haven demand. A modest intraday USD pullback remains limited after Powell's speech and capped gains. Gold reversed an early dip to $1493-92 support area and spiked back closer to weekly tops in reaction to China's retaliatory tariffs, albeit lacked any strong follow-through. In the latest trade-related development, China announced to levy retaliatory tariffs on another $75 billion worth of US goods. The move was seen as a further escalation in trade conflicts between the world's two largest economies and provided a strong boost to the precious metal's perceived safe-haven status. Influenced… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.