Gold investors may not have a strong desire to chase gold at high levels this week, mainly because they are closely watching the release of the Federal Reserve highly monitored Personal Consumption Expenditures (PCE) price index on Wednesday, and the signals regarding future monetary policy from the annual global central bankers’ meeting held in Jackson Hole from Thursday to Saturday. Market participants are also waiting to see what new interest rate outlook signals Fed Chairman Warsh will give in his opening remarks.

On the other hand, unless there is a sudden news of direct ceasefire talks or peace negotiations between the US and Iran this week, gold prices are likely to encounter resistance at the $4,669 level in the short term.

Gold prices may fluctuate between $4,556 and $4,669 in the short term. Pay close attention to the upper end of this range for potential buying opportunities. There is room for short-term pullbacks, and $4,689 can be considered an important price defense reference point. Be sure to manage your risk accordingly.

Risk Warning: This article is only a market analysis and viewpoint. The price ranges and points mentioned are for market observation and reference only and do not constitute any investment advice. Precious metal prices are highly volatile; please make independent and prudent decisions and manage your own risk accordingly.

Gold Price 1-Hour Chart:

Ferris Kwok

Chief Analyst
Success Finance Group

Email: ferris.kwok@successfn.com