Gold Strengthens, Breaking $4,400 Remains a Challenge
On Monday (August 17), spot gold prices hovered around $4,397–$4,400 per troy ounce, supported by a weakening US dollar and diminishing expectations of a Federal Reserve rate hike in September following data showing a slowdown in US retail sales and consumer sentiment.
However, gold's gains remain capped by risks associated with energy inflation and US-Iran tensions in the Strait of Hormuz. Market attention is now shifting to the FOMC minutes, which could provide fresh clues regarding the Fed's policy direction and determine whether the XAU/USD pair can sustain its rally above the $4,400 level.
Gold price at the time of this analysis: $4,402
- Buy if the price moves to $4,412
- Sell if the price moves to $4,396
Resistance 2: $4,435
Resistance 1: $4,419
Support 1: $4,387
Support 2: $4,371
Note: This article is analytical in nature and does not constitute definitive advice. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id