Gold Corrects, Still Near Record High
Gold briefly weakened to around $3,750 per ounce on Wednesday, but remained near a new record as the market digested the Fed's comments. Jerome Powell struck a cautious tone—emphasizing the balance between stubborn inflation and a weakening labor market—while Michelle Bowman left open the possibility of faster easing if employment conditions continue to deteriorate.
The next direction awaits the August PCE release and speeches by other Fed officials. Gold sentiment was also supported by geopolitical tensions after Russia's violation of Estonian airspace triggered a NATO response, as well as gold ETF inflows hitting a three-year high, underscoring strong investment demand.
At the time of writing, the gold price is at $3,759.
- Buy if the price moves within the $3,766 range.
- Sell if the price moves within the $3,752 range.
Resistance 2: $3,780
Resistance 1: $3,773
Support 1: $3,745
Support 2: $3,738
Disclaimer:
This article is analytical in nature and is not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
