On Thursday (August 28), spot gold prices surged and hit a five-week high, mainly due to a weaker U.S. dollar and safe-haven demand, reflecting investors’ ongoing anxiety over President Donald Trump’s attempt to fire a Federal Reserve governor, which challenges the Fed’s independence.
From a technical perspective, gold prices are likely to challenge USD 3,450/oz in the near term. After breaking above USD 3,400/oz, the uptrend is expected to continue, opening the door to test the July 23 high at USD 3,438/oz. The Relative Strength Index (RSI) suggests buyers are gaining momentum. If gold rises above USD 3,438/oz, the next focus will be the June 16 high at USD 3,452/oz, followed by the historical high of USD 3,500/oz.
Spot gold closed up by USD 19.30, nearly 0.6%, at USD 3,416.78/oz.
Trading suggestion: After dipping to USD 3,384.2, gold found technical support and rebounded strongly. During the U.S. session, the price broke above the triangle consolidation upper boundary, reaching as high as USD 3,423.4 before consolidating. The daily candle closed at USD 3,416.5 with a long lower shadow and a strong bullish body. Today’s outlook remains bullish.
Trading strategy: Buy near 3,402, SL 3,396, TP 3,416–3,452.
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