Gold, as mentioned in the previous forecast, was unable to hold above $3,400 and began to move downward. This decline brought the metal to a two-week low, though sellers struggled to push prices below the $3,330–$3,340 support zone. The market is currently rebounding from this area, with the previous local peak at $3,370 serving as a potential target.
During the early trading session, the MACD indicator on the hourly chart moved higher, thus exiting negative territory. A similar signal preceded last week’s rally toward $3,370. On the four-hour timeframe, bullish momentum could strengthen if prices reclaim ground above the 200-period moving average. The rebound has already shown some hesitation near $3,350, where a short-term descending trend line comes into play. Breaking through this resistance is now the key challenge for buyers.
This week, the market remains focused on the Jackson Hole central banking symposium, which is scheduled for August 21–23. This will be Fed Chair Jerome Powell’s final appearance at the event before his term ends in May 2026. Reuters-surveyed analysts suggest that July’s disappointing labor market data may prompt Powell to moderate his hawkish stance on keeping interest rates high.
Statements from global central bank officials could notably impact bullion prices. In line with this, UBS analysts reiterated their expectation of a renewed upward trend in the gold’s value toward late 2025 and early 2026. They view the current summer slowdown as a good time to strategically accumulate the bullion. As markets prepare for the Fed’s policy decision on September 17, trading activity in precious metals is likely to pick up.
The following trading strategy may be taken into account:
Buy gold at the current price. Take profit: $3,370. Stop loss: $3,330.
This content is for informational purposes only and is not intended to be investing advice.
