At the Jackson Hole meeting last weekend, Chairman Powell’s comments were seen as soft, which led to selling of the U.S. dollar and gold rose to 3,378. At the beginning of this week, the dollar recovered, and gold fell to 3,368. However, many people still expect the FRB to continue cutting rates, so gold prices may not fall much lower. The recent high of 3,378 is now seen as a short-term top. Since gold quickly rose from around 3,320, we expect some pullback to fill the gap. But after this adjustment, gold may try to rise again toward higher prices.
Expected Gold-Dollar Range: 3,350 – 3,375 USD
Note: This information does not guarantee profit. Please make your own decision when trading.