Gold remains close to USD 3,330 amid geopolitical tensions and Jackson Hole expectations
|On Tuesday, the price of gold stabilised around USD 3,330 per troy ounce. Investors are assessing US-led peace efforts and awaiting the outcome of the Federal Reserve’s annual Jackson Hole symposium.
Following Monday’s meeting at the White House, US President Donald Trump confirmed that he had discussed the situation with Russia and was now working on arranging direct talks with three presidents.
These developments sparked hopes of a possible peace deal, although market participants remain cautious and do not expect a quick resolution.
Traders are also focusing on the upcoming speech by Fed Chairman Jerome Powell in Wyoming. The market is waiting for signals regarding a potential resumption of interest rate cuts in September.
The baseline scenario still anticipates one rate cut at the September meeting, followed by another small easing by year-end, likely limited to 25 basis points.
Technical analysis of XAU/USD
On the H4 chart of XAUUSD, the market continues to develop a wide consolidation range around the 3,333 level. The price has extended the range upwards to 3,357 and downwards to 3,322. Today, a breakout below this range towards 3,296 is possible. Afterwards, a correction to 3,333 may occur, followed by a decline to 3,263. The formation of a downward wave towards 3,250 is practically under consideration. This scenario is technically supported by the MACD indicator, whose signal line is below zero and pointing strictly downwards, confirming bearish momentum.
On the H1 chart, XAUUSD completed a downward impulse to 3,333 and is forming a consolidation range around this level. The third wave of decline is unfolding, targeting 3,297, with a likely continuation of the trend to 3,260. The Stochastic oscillator confirms this setup: its signal line is near the 80 level and preparing to drop towards 20, indicating growing downside pressure.
Summary
Gold is holding above USD 3,330 as geopolitical tensions and Jackson Hole expectations dominate sentiment. Technical indicators support the development of a downward wave with key targets at 3,296, 3,263, and potentially 3,250, while short-term consolidation remains around the 3,333 level.
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