Gold prices surged significantly following Federal Reserve Chairman Jerome Powell's speech at the Jackson Hole Economic Symposium. These changes stemmed from his comments suggesting a potential interest rate decrease in September amid changing economic conditions.
Key Economic Events of the Week
Several important U.S. economic reports are scheduled for release this week that could impact gold prices. Expected data includes:
- August 28 – Preliminary GDP q/q (3.1% vs. 3.0%) - August 28 – Unemployment Claims (231K vs. 235K) - August 29 – Core PCE Price Index m/m
These reports will influence market volatility.
Gold Technical Analysis Overview
Analysis indicates that gold prices remain high amidst a decline in the dollar and Treasury yields. There are forecasts for further growth, possibly reaching $3440. Key support and resistance levels include:
- Support Level: $3352-$3340 - Resistance Level: $3381-$3402
Gold Forecast for the Week of August 18-22, 2025
This week, gold is expected to remain in a buying zone, particularly in the range of $3352-$3340. The $3388-$3402 mark will be viewed as a selling level. If the data proves favorable for gold, this could lead to new record highs.
Given the upcoming economic reports and positive market trends, gold is likely to retain its status as a safe-haven asset. Investors will closely monitor GDP, unemployment, and inflation data.
