Gold Futures Dip as Market Awaits Fed Chair's JacksonHole Speech
Gold Futures Edge Lower on Profit-Taking as Market Awaits Fed Chair’s Speech
Gold markets remain relatively calm for now, but this is expected to change as the week progresses with the release of the latest Federal Reserve minutes and Fed Chair Jerome Powell’s speech at the Jackson Hole symposium on Friday.
Technical Analysis: Gold
Current Outlook:
The price has retreated from the resistance level at 2,525 and continues to trade below this key line.
Bullish Scenario:
For the next bullish trend to begin, gold must break through 2,525, which could lead to a rally toward 2,543 and potentially 2,558.
Bearish Scenario:
While the overall bearish trend is distant, a strong correction could occur, driving the price down to 2,484 or 2,475. However, as long as the price remains above 2,475, the bullish trend is expected to resume.
Key Levels:
Pivot Line: 2,509
Resistance Levels: 2516, 2525, 2543
Support Levels: 2500, 2484, 2475
Expected Trading Range Today:
The price is expected to fluctuate between 2,525 and 2,484.
Trend: Bearish correction
Gold markets remain relatively calm for now, but this is expected to change as the week progresses with the release of the latest Federal Reserve minutes and Fed Chair Jerome Powell’s speech at the Jackson Hole symposium on Friday.
Technical Analysis: Gold
Current Outlook:
The price has retreated from the resistance level at 2,525 and continues to trade below this key line.
Bullish Scenario:
For the next bullish trend to begin, gold must break through 2,525, which could lead to a rally toward 2,543 and potentially 2,558.
Bearish Scenario:
While the overall bearish trend is distant, a strong correction could occur, driving the price down to 2,484 or 2,475. However, as long as the price remains above 2,475, the bullish trend is expected to resume.
Key Levels:
Pivot Line: 2,509
Resistance Levels: 2516, 2525, 2543
Support Levels: 2500, 2484, 2475
Expected Trading Range Today:
The price is expected to fluctuate between 2,525 and 2,484.
Trend: Bearish correction
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