8.21FPG gold XAUUSD trend analysis

XAUUSD H1

Gold once again became the focus of yesterday's market. Without much fundamental influence, it continued to reach a record high of 2531. Over the past three trading days, gold has successively stood on two key platforms, 2480 and 2500. Driven by the uncertainty of geopolitical risk aversion, rising expectations of interest rate cuts from the Federal Reserve, and strong demand from the central bank, gold has been making great strides this year, becoming one of the best-performing major commodities. Federal Reserve Chairman Bowman also said last night that if inflation continues to decline, he will support interest rate cuts. The market is focusing on the minutes released by the Federal Reserve tonight - early tomorrow morning, and the Jackson Hole meeting on Friday evening. This meeting is one of the most important central bank events in the world. At that time, Federal Reserve Chairman Powell and Bank of England Governor Bailey will all speak at the conference. The market will find more guidance to cut interest rates based on their words.

Technically, gold remained in the upper half of the upward channel. After hitting a record high of 2531 last night, backtesting was effective at the 2,500 integer mark, and continued to close 2513 higher at the close. This means that the current price has moved from the main support to the 2480 platform to the 2,500 platform. Above these two positions, gold remains strong.

The upper line resistance is 2515, the second line resistance is 2520, and the third line resistance is 2530.

The lower first line supports 2510, the second line supports 2500, and the third line supports 2495.