Gold (XAU/USD) hits a nearly three-week low during the Asian session on Wednesday, with the bears now awaiting a sustained break below the 100-day Simple Moving Average (SMA) before positioning for further losses.
The US Dollar (USD) is seen prolonging its steady uptrend for the third straight day amid diminishing odds for a more aggressive policy easing by the Federal Reserve (Fed). This, in turn, is seen as a key factor undermining the non-yielding bullion.
Apart from this, hopes for a Russia-Ukraine peace deal exert additional downward pressure on the safe-haven Gold. Moving ahead, investors now look to the release of the FOMC meeting Minutes. Furthermore, Fed Chair Jerome Powell's speech at the Jackson Hole Symposium could offer fresh cues about the central bank's policy outlook.
This will play a key role in driving the USD demand in the near term and determining the next leg of a directional move for the commodity.
Source: Fxstreet
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