Gold held steady, market participants await Fed signals.
Gold prices fell to around $3,340 per ounce on Thursday (August 21st), as investors adjusted their positions ahead of the Federal Reserve's three-day Jackson Hole symposium, which begins today.
Market focus is currently on Fed Chairman Jerome Powell's speech, which could provide clues to the Fed's monetary policy stance. Currently, market participants are pricing in an 82% chance of a September interest rate cut.
However, the minutes of the latest Fed meeting showed policymakers remain concerned about inflation and the labor market, with most voters believing it is too early to cut rates.
Gold prices were at $3,344/oz at the time of writing.
- Buy if the price moves to around $3,351
- Sell if the price moves around $3,337
Resistance 2: $3,365
Resistance 1: $3,358
Support 1: $3,330
Support 2: $3,323
DISCLAIMER
Note: This article is for analysis only and is not a definitive reference. Please consider fundamental and technical aspects of trading before making any investment decisions.
Source: Newsmaker.id