Gold Under Pressure, Awaiting Powell
Gold extended its decline to around US$3,330 per ounce on Friday (August 22nd), holding within a narrow range as traders avoided major action ahead of Fed Chairman Jerome Powell's Jackson Hole speech, which could potentially signal the direction of US policy in the near future.
On Thursday, Fed officials gave little indication of support for an interest rate cut next month, leaving the market awaiting guidance from Powell's speech amid signs of a cooling labor market, while inflation remains above target and vulnerable to tariff-related pressures.
Investors still see a chance of policy easing in September, with the market pricing in a 75% probability of a quarter-point cut.
Gold prices were at $3,333 per ounce at the time of writing.
- Buy if the price moves to around $3,340
- Sell if the price moves around $3,326
Resistance 2: $3,354
Resistance 1: $3,347
Support 1: $3,319
Support 2: $3,312
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
