XAUUSD

Gold prices continue to seek direction ahead of Fed Chair Powell's speech at the Jackson Hole symposium. Powell's determined messages about continuing the fight against inflation may create pressure on the price of gold, leading to a test of the $1985 support level and a potential pullback towards $1970 if it breaks. If Powell highlights the risks of economic slowdown and suggests that the rate hikes are nearing their end, this could support gold, allowing it to target the $2005 resistance and potentially initiate a rally towards $2020.