Gold Daily | Spot Gold Inches Up 0.2% on Weaker Dollar and Fed Rate Cut Expectations Ahead of Jackson Hole

【Latest Gold Price and Recent Trends】

Gold prices have slightly increased, with spot gold rising by 0.2% to $3,336.88. This movement is supported by a weakening dollar and expectations of a Federal Reserve rate cut. Investors are awaiting the Fed Chair's speech at Jackson Hole for further direction.

【Technical Analysis】

On the daily chart, gold remains in a tight range between $3,438 resistance and $3,245 support, lacking new insights. On the 4-hour chart, there is minor support around $3,330, with buyers stepping in, while sellers await a break below to target $3,245. On a 1-hour chart, no significant information is provided, with traders watching for rebounds or breaks from support.

【Market Sentiment and Economic Background】

Market sentiment is cautious as traders anticipate the Fed Chair's speech at the Jackson Hole symposium. The focus is on potential changes in economic outlook and policy direction. The recent mixed economic data, including strong PPI and unemployment claims, have led to revised expectations of a rate cut. Traders now anticipate a 25 basis points cut in September with 83% probability.

【Analyst Opinions】

Giovanni Staunovo from UBS comments on gold's narrow trading range, influenced by trade tensions and weak U.S. employment data, expecting these factors to drive prices higher mid-term. Valeria Bednarik suggests bearish potential as gold tests earlier lows, with key support at $3,323.60 and resistance at $3,352.00, indicating market dominance by sellers without forecasting further declines.