Gold made a spike to 1946-1948 from 1931-1933 after soft U.S NFP report on Aug 4, 2023. But gold was sold off heavily the next day to break the 1931-1933 support zone.
Gold then formed a new short term down trend after the Fed hawkish message to hike U.S rate to fight inflation. It continued to drop to 1885-1886 zone because investors were concern of the Fed hawkish policy.
Gold has tested the 1985-1986 many times, but it has not broke the 1885-1886 zone yet. There are several soft U.S inflation reports supporting gold to make a reversal around 1885-1886.
Gold short term trend is up after yesterday’s soft PMI report and gold may go up to 1929-1931 to wait for Jackson Hole Symposium from Aug 24 to Aug 26.
The 1903-1906 and 1909-1911 are good gold support zones to watch for gold buying signals if gold tests these support zones.
Mr. Powell speaking at Jackson Hole Symposium is a key event for gold price movement from Aug 24 to Aug 26. Will gold be sold off to 1885-1886 again?
If Mr. Powell makes another hawkish comments during his speech at Jackson Hole Symposium, gold will end this short term up trend and it will be sold off to retest the 1885-1886 support zone.
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