Gold Gains Slightly, Focus on Powell's Jackson Hole Speech
Gold prices strengthened slightly on Tuesday (August 19), driven by a weaker dollar amid expectations of a US interest rate cut. Investors are now awaiting Fed Chairman Jerome Powell's remarks at the Jackson Hole symposium on August 21–23, which is expected to provide clarity on the direction of monetary policy.
According to CME FedWatch, the market is pricing in an 83% chance of a 25 basis point rate cut at the Fed's September meeting. However, UBS analyst Giovanni Staunovo believes it is too early for the Fed to commit to its next move, given the number of data releases before the meeting.
Gold prices were at $3,339/oz at the time of writing.
- Buy if the price moves to around $3,346
- Sell if the price moves around $3,332
Resistance 2: $3,360
Resistance 1: $3,353
Support 1: $3,325
Support 2: $3,318
DISCLAIMER
Note: This article is analytical only and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id