Gold bulls cautious ahead of Jackson Hole: $4,550 or $4,650?

Gold Bulls pause on rally ahead of Jackson Hole Symposium.
Dollar Index relative strength caps recent gains in Gold.
Geopolitical uncertainty across the Strait of Hormuz and Russia-Ukraine front keeps safe haven demand alive.
A cautious profit booking seen in Gold off $4700, pullback support at $4550, bullish breakout above $4650.

Sunil Kumar Dixit SK Charting

Gold Daily Chart Courtesy www.skcharting.com

Current market structure

Gold retains a bullish recovery structure, trading near $4,600 after rebounding sharply from the intraday drop to $4569 as per FXSTREET data.

Price remains above key trend support at $4550 and 38.2% Fibonacci zone, but momentum is consolidating below the $4,700 resistance zone which witnessed cautious profit booking and correctional pullback ahead of key address by Fed Chair on Jackson Hole Symposium.

Fundamental and technical analysis

Fundamentally, persistent U.S. inflation is limiting upside through Fed-hike expectations, while Treasury buybacks, fiscal concerns and geopolitical uncertainty continue to underpin safe-haven demand.

Markets now await Fed Chair Kevin Warsh’s Jackson Hole speech for policy signals.

Technically, the bias remains constructive above $4570. A sustained break above $4625 would reinforce bullish momentum and expose $4650–$4690 while next key bullish extension aims $4720 followed by 50% Fibonacci zone $4770.

Elevated momentum leaves room for corrective pullbacks.

A continued selling pressure below $4555 will eventually expose $4525-$4515 while next downside correctional extension may retest $4450

Intraday and short-term outlook

Bias: Buy on dips / bullish above $4515.

Resistance: $4650 .

Breakout target: $4700 → $4770.

Support: $4555 → $4525 → $4515.

Deeper support: $4450 → $4380.

Bearish Momentum Shift: Sustained break below $4515.

Intraday outlook: Consolidation above support $4570 followed by decisive breakout above $4625-$4650 to lead to another attempt at $4,700.

A decisive breakout would signal renewed upside momentum; rejection could trigger a corrective move toward $4,525–$4,515.

Author

Sunil Kumar Dixit

SK Charting

Sunil Kumar Dixit is Chief Technical Strategist and founder of SK Charting, a research firm based in India. He tracks Precious Metals, Energy, Indices and Currency Pairs. He also participates as an expert panellist on Channel Television, Nigeria.

GBP/USD stays below 1.3600 on modest USD strength

GBP/USD is consolidating near the lower end of its weekly range, below the 1.3600 mark, during European trading hours on Thursday. The pair's downside, however, remains cushioned as traders await Fed Chair Warsh's speech on Friday for more cues about the US central bank's interest rate path before placing fresh directional bets.

EUR/USD drops to fresh weekly lows below 1.1650

EUR/USD stays on the back foot and trades at its lowest level in a week below 1.1650 on Thursday. The European Central Bank's policy meeting accounts fail to help the Euro stay resilient, while the cautious market mood supports the USD and weighs on the pair. Fed Chair Kevin Warsh's speech at the Jackson Hole Symposium on Friday will be critical for the pair's next direction.

Gold holds steady around $4,600 as traders eye Fed's Warsh for rate cues

Gold languishes near the $4,600 mark through the first half of the European session on Thursday and remains close to the weekly low it touched the previous day. The downside, however, seems limited as traders opt to wait for US Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole Symposium on Friday for cues on the future policy path. The outlook, in turn, will play a key role in influencing the US Dollar price dynamics and provide some meaningful impetus to the non-yielding bullion.

Crypto Today: Bitcoin, Ethereum, XRP bulls regain strength amid steady capital inflows

Cryptocurrency prices are broadly edging higher on Thursday, led by Bitcoin’s uptick near $80,000. Altcoins mirror Bitcoin’s short-term bullish outlook, with Ethereum trading above $2,500 and Ripple hovering above its key $1.40 support.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.

Kevin Warsh’s Jackson Hole dilemma: Say too much, too little, or just enough

Kevin Warsh is preparing to deliver his first Jackson Hole speech as Federal Reserve (Fed) Chair on Friday, and expectations extend well beyond whether interest rates will be raised or left unchanged in September.