Slightly Firmer But Remains Around Five-Month Lows

Gold is slightly higher in the Asia-Pac session, after closing +0.1% at $1897.48 on Tuesday. The yellow metal briefly pushed to its highest level since Aug 16 on Tuesday but didn’t trouble resistance at $1918.3 (20-day EMA), according to MNI's technicals team.

• Bullion regained some lost ground after a paring of earlier intraday USD strength and the push higher in US tsy yields.
• Nevertheless, gold remained near a five-month low on increasing signs that US interest rates will need to stay higher for longer.
• The pivotal economic event of this week centres on the speech by Fed Chair Powell at the Jackson Hole gathering on Friday. The prevailing concern is that Powell might undermine investors' optimistic expectations, specifically the notion that the Federal Reserve has concluded its interest rate hikes and is poised to initiate rate cuts in the early months of the upcoming year.