Gold trades near $4,600 after rebounding from an intraday drop to $4,569, holding above the $4,550 trend support that underpins its bullish structure. Bulls are pausing ahead of Fed Chair Kevin Warsh's Jackson Hole Symposium speech, with the metal consolidating below $4,700 resistance amid profit booking.
Gold trades near $4,600 after rebounding sharply from an intraday drop to $4,569, according to Investing.com data. Price remains above the $4,550 trend support and the 38.2% Fibonacci zone, but momentum is consolidating below the $4,700 resistance zone, which has drawn cautious profit booking ahead of Fed Chair Kevin Warsh's address at the Jackson Hole Symposium.
Inflation and safe-haven demand pull gold in opposite directions
Persistent U.S. inflation is limiting gold's upside by keeping Fed rate-hike expectations alive, while Treasury buybacks, fiscal concerns, and geopolitical uncertainty across the Strait of Hormuz and the Russia-Ukraine front continue to underpin safe-haven demand. Markets now await Warsh's Jackson Hole speech for policy signals.
Bulls eye a break above $4,625
The technical bias stays constructive above $4,570, and a sustained break above $4,625 would reinforce bullish momentum and open $4,650-$4,690, with the next bullish extension targeting $4,720 and then the 50% Fibonacci zone at $4,770. Elevated momentum still leaves room for corrective pullbacks, however, and continued selling pressure below $4,555 would expose $4,525-$4,515, with a deeper downside correction potentially retesting $4,450.
Intraday levels stay tilted toward dips
An intraday bias favors buying dips while gold holds above $4,515, with resistance at $4,650 and a breakout target running from $4,700 to $4,770. Support sits at $4,555, then $4,525 and $4,515, with deeper support at $4,450 and $4,380; a sustained break below $4,515 would mark a bearish momentum shift. A decisive breakout above $4,625-$4,650 could set up another attempt at $4,700, while a rejection could trigger a corrective move back toward $4,525-$4,515.
Source: Commodities Analysis & Opinion
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