Does Anyone Know Where Gold Is Going This Week?

<p>Gold prices hovered around five-month lows on Monday as investors braced for the central bank's meeting in Jackson Hole later this week.</p><p><br /></p><p>However, the yellow metal has rebounded slightly from its daily lows of $1,885 touched at the start of the Asian session to around $1,893 an ounce, at the time of writing.</p><p><br /></p><p>Investors are now looking for additional clues about the direction of the Federal Reserve (Fed)'s next monetary policy at its upcoming meeting in September.</p><p><br /></p><p>As a result, the market will focus mainly on Fed Chairman Jerome Powell's speech at the Jackson Hole symposium on Friday.</p><p><br /></p><p><br /></p><p>Meanwhile, China's central bank (PBOC) unexpectedly kept its five-year lending key rate (LPR) at 4.20%, and cut the one-year LPR by 10 basis points to 4.45%.</p><p><br /></p><p>Following the PBOC's less dovish action, financial markets moved mixed in the Asian session.</p><p><br /></p><p>In addition, the economic data in the main focus this week is the publication of manufacturing and services PMI data for the European Zone, the UK and the United States on Wednesday.</p>