Gold Under Pressure from Dollar, Awaits Powell's Signal
Gold prices fell on Friday (August 22nd), driven by a strengthening US dollar, which makes gold more expensive for foreign buyers.
Meanwhile, investors await Federal Reserve Chairman Jerome Powell's speech at the Jackson Hole Symposium as a key indicator of the direction of future monetary policy.
CME FedWatch indicates a 75% probability of an interest rate cut at the next Fed meeting, a key support for non-yielding assets like gold.
Gold prices at the time of writing were at $3,329/Toz.
- Buy if the price moves to around $3,336
- Sell if the price moves around $3,322
Resistance 2: $3,350
Resistance 1: $3,343
Support 1: $3,315
Support 2: $3,308
DISCLAIMER
Note: This article is analytical only and is not a definitive reference. Consider fundamental and technical developments in trading before making investment decisions.
Source: Newsmaker.id