On Friday (August 22) during the Asian session, spot gold traded in a narrow range and is currently at $3,338.25/oz. The market generally expects Powell will not explicitly signal a September rate cut, but if he hints at more room for easing, gold may see a rebound opportunity.
In the short term, if Powell’s speech is dovish, gold still has the potential to rebound above $3,400. In the longer term, inflation, geopolitical risks, and accommodative policies will continue to support gold at elevated levels. On the downside, focus remains on the 100-day moving average at $3,315.77 and support near the $3,300 level.
On Thursday (August 21), spot gold prices fell slightly by 0.3%, settling at $3,338.45/oz.
Trading suggestion: After gold dropped to as low as $3,324.8, the price strongly rebounded, reaching $3,348.1 before consolidating. The daily candle eventually closed at $3,338.9 with a long lower shadow hammer pattern, indicating further upside demand today.
Trading strategy: Buy near 3,325, SL 3,318, TP 3,342–3,375.
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