On August 1, the U.S. jobs report for July was weaker than expected. This made people think the Federal Reserve may lower interest rates, so gold started rising from around 3275 to around 3410. After that, the price went back down to around the 61.5% retracement level, but the adjustment is still continuing.
Today, people are waiting for Chairman Powell’s speech at Jackson Hole. Before the September meeting, the August jobs report, inflation data (CPI), and the impact of tariffs will also be important. Some believe the Fed will stay careful about cutting rates. Since the market already expects a rate cut, if there is a reaction, gold could fall more.
However, in the long run, the Fed is still expected to cut rates, so gold’s downside is limited.
Gold–Dollar expected range: 3,280 – 3,355 USD
Note: This is not a guarantee of profit. Please trade based on your own decision.