8.22 FPG gold trend analysis

XAUUSD H1

The latest minutes of the US Federal Reserve meeting released yesterday show that officials prefer to cut interest rates in September. Some officials believe that as inflationary pressure continues to cool down, keeping interest rates unchanged will increase the drag on economic activity. Other officials believe that the risks facing the job market have increased, and the market believes that it will continue to maintain a dovish stance. At the same time, the US delayed releasing the revised data on the total number of non-farm payrolls for March. The number of new jobs added in the past 12 months decreased by 0.818 million compared to the previous report, further increasing the market's opinion on the US whitewash data. The market currently anticipates that the Federal Reserve will cut interest rates three times in a row during the year starting in September. Interest rate cuts will make gold more attractive. However, on the geopolitical side, the cease-fire negotiations in Gaza are at an impasse, and the meeting in Cairo later this week is likely to be of no avail. The market continues to keep an eye on Friday evening's Jackson Hole meeting.

On the technical side, gold recovered almost flat yesterday. The 2,500 mark was tested again during the day. The price hit a new bottom of 2494 yesterday, and the upward momentum weakened. It was blocked at 2520 during the day. Focus on price trends around this price level. Prices may continue to be suppressed in the short term, and watch for gold's correction.

The upper line resistance is 2520, the second line resistance is 2525, and the third line resistance is 2530.

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

This advice is general and does not take into account your specific financial situation and needs. Investments involve risk, so be sure to evaluate them carefully.