Gold Corrects to $3,380 Ahead of PCE
Gold fell to the $3,380 area on Thursday, retreating slightly from a two-week peak ahead of Friday's PCE release (August 29th, WIB), the Fed's inflation benchmark. Political uncertainty—including the controversy surrounding the attempted dismissal of Fed Chair Lisa Cook—kept safe-haven bids, but a rising dollar and stable real yields limited near-term upside.
On the policy front, market pricing, which now places an 89% chance of a 25 bps cut in September, has softened the forward rate curve, supporting gold's hold near record levels despite increased volatility.
The gold price at the time of writing was $3,391/Toz.
- Buy if the price moves within the $3,398 range
- Sell if the price moves within the $3,384 range
Resistance 2: $3,412
Resistance 1: $3,405
Support 1: $3,377
Support 2: $3,370
DISCLAIMER
Note: This article is analytical only and is not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
