Gold Holds Position, Market Awaits Fed Symposium
Gold prices were little changed on Tuesday as investors awaited this week's Federal Reserve annual conference for clues on a possible interest rate cut and weighed Washington's efforts to end the war in Ukraine.
Spot gold was steady at $3,331.49 per ounce at 02:01 GMT. US gold futures for December delivery fell 0.1% to $3,375.40.
Fed Chairman Jerome Powell's remarks at the central bank's August 21-23 symposium in Wyoming could provide clarity on the economic outlook and expectations for policy easing.
"Gold is still in a consolidation phase and really waiting for a new catalyst to break higher. The big event to watch is Jackson Hole and whether or not the Fed will deliver dovish guidance," said Kyle Rodda, financial markets analyst at Capital.com.
Gold was trading at $3,338/oz at the time of writing.
- Buy if the price moves to around $3,345
- Sell if the price moves around $3,331
Resistance 2: $3,359
Resistance 1: $3,352
Support 1: $3,324
Support 2: $3,317
DISCLAIMER
Note: This article is analytical only and is not a definitive reference. Please consider fundamental and technical aspects of trading before making any investment decisions.
Source: Newsmaker.id
