At the U.S.–Russia leaders meeting, no ceasefire was agreed. However, the chance of a three-party meeting increased, and this made gold prices fall. On the other hand, in the New York stock market, all indexes except the Dow went down, which slowed the fall of gold. On August 8, gold went up because of news about a possible gold tax, but later it fell when reports said there would be no tax. This showed strong resistance for gold to go higher. After that, gold continued to fall. But this weekend, at the Jackson Hole meeting, Fed Chair Powell may show a positive view about lowering interest rates. Until then, selling may continue, but it looks like this fall is close to the end.
Gold-Dollar forecast range: 3,300 – 3,340 USD
Note: This information does not guarantee profits. Please make your own decisions when trading.