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MENAFN- Daily Forex) Today's Gold Analysis Overview
The overall Gold Trend: Neutral with a downward bias. Gold Support Levels Today: $3310 – $3270 – $3220 per ounce. Gold Resistance Levels Today: $3360 – $3350 – $3410 per ounce.
Today's Gold Trading Signals
Buy gold from the $3290 support level, with a target of $3400 and a stop-loss at $3270. Sell gold from the $3370 resistance level, with a target of $3280 and a stop-loss at $3400
Technical Analysis of Gold Price (XAU/USD) Today
The gold price index has fallen to a three-week low, with losses taking it to the
$3311 support level. Before this decline, we had advised on the live trading recommendations page to close the buy recommendation for gold at the current profit to avoid further selling pressure. The recent drop was fueled by the potential for easing geopolitical tensions and a rising US dollar, both weighing on the yellow metal ahead of the Federal Reserve's Jackson Hole Symposium.
Yesterday, US President Trump indicated he would not deploy ground troops to Ukraine, but left open the possibility of providing air support as part of efforts to address the conflict with Russia. Ukrainian President Zelenskiy also welcomed the peace talks, but Russia has not yet confirmed its participation, creating uncertainty about the prospects for a swift resolution.
Meanwhile, amid an additional factor influencing the market, all eyes are on Federal Reserve Chairman Powell's upcoming speech at the Jackson Hole Symposium, seeking guidance on the future direction of the US central bank's policy. Later today, the release of the minutes from the latest Federal Open Market Committee (FOMC) meeting is expected to provide additional insights. Overall, market prices currently point to two 25 basis point rate cuts this year, with the first likely to occur in September levels for gold prices today
Dear reader, based on the performance on the daily chart above, gold prices are still trending down. According to gold analysts' expectations, bears may have the opportunity to breach the $3,300 per ounce support level if an agreement is reached to end the Russian-Ukrainian war. The US dollar gained ground in response to the Jackson Hole Symposium, and vice versa. With the recent losses, the 14-day RSI has moved around a reading of 48 below the midline, supporting bearish control and signaling a stronger downward move before the index reaches a sell-off. Meanwhile, the MACD indicator remains bearish.
Note that a break of the $3,300 support will increase technical selling activity, but at the same time, it may provide opportunities to establish a new buying base. Conversely, over the same timeframe, bulls will regain confidence in the performance if they return the gold price index to the resistance levels of $3,375 and $3,400 per ounce, respectively Tips
Traders at TradersUp are advised to wait for gold to move towards and below the $3,300 support level before considering buying again price rebounds ahead of FOMC minutes
According to currency market trading, the US Dollar Index (DXY), which measures the performance of the US currency against a basket of other major currencies, rose above 98.3 today, continuing its winning streak for the third consecutive session. This comes as investors await the minutes of the Federal Reserve's July meeting for clues on the outlook for monetary policy. The meeting was notable for being the first since 1993, with two dissenting members voting, with Fed Governors Christopher Waller and Michael Bowman favoring a quarter-point cut in US interest rates rather than holding them steady.
Markets will now focus on Fed Chair Jerome Powell's remarks at the Jackson Hole Symposium for indications of whether the US central bank will resist market expectations for monetary easing. Traders currently price in an 85% chance of a September rate cut and anticipate about 54 basis points of cuts by year-end.
According to trading, the US dollar has generally strengthened, with its largest gains against the Euro, Pound Sterling, and Australian Dollar.
EURUSD Chart by TradingView
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