On Thursday (August 21) during Asian trading hours, spot gold traded in a narrow range, currently around $3,347.08/oz.
Institutions including Goldman Sachs remain optimistic on gold, projecting that by mid-2026, prices may break above the $4,000 mark. In the short term, gold may fluctuate following Fed Chair Powell’s speech, but in the medium to long term, the uptrend is expected to continue.
It should be noted that gold has not yet firmly stood above the 55-day moving average at $3,347.40, with $3,350 also being an important psychological level. Before firmly breaking $3,350, there remains the risk of retesting the 100-day moving average support near $3,313.63.
On Wednesday (August 20), gold held above the key 100-day moving average support and rebounded nearly $40, reaching the $3,350 level, before closing at $3,348.20/oz, rose about 1%.
Trading suggestion: After gold dipped to $3,311.2, the price rebounded strongly, reaching $3,350.4 before consolidating, and finally closed at $3,348.3 with a large bullish candle with equal-length shadows.
Trading strategy: Buy near 3,325, Stop loss 3,319, Target 3,343–3,372.
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