Spot gold prices fluctuated narrowly in early Asian trading on Friday (August 22), currently trading at $3,338.25 per ounce. On Thursday (August 21), spot gold prices fell slightly by 0.3% to close at $3,338.45 per ounce, while US gold futures for December delivery also fell by 0.2% to settle at $3,386.50. This decline was driven by a strong 0.45% rise in the US dollar index, reaching a two-week high, making dollar-denominated gold more expensive for overseas buyers.

Investors are focused on Federal Reserve Chairman Powell's speech at the Jackson Hole Symposium on Friday. This highly anticipated speech could reveal the Fed's policy direction and directly influence the future price of gold. Overall, current gold price pressure stems from a stronger US dollar, mixed economic data, and internal divisions within the Federal Reserve. However, in the long term, geopolitical risks and inflationary pressures are likely to support gold's upward potential.

From the daily spot gold chart, international gold prices have recently fluctuated widely, driven by the alternating effects of cooling risk aversion and expectations of a Fed rate cut. Despite some short-term rapid ups and downs, further gains have been lacking, suggesting that the current battle between bulls and bears remains intense. Neither the moving average nor the MCD indicator are providing much help at this stage, and a triangle pattern cannot be ruled out until major news is released.

From the 4-hour spot gold chart, after falling from last week's highs, gold prices have steadily rebounded after finding support this week, currently hovering around 3350. Although recent gains have been hindered, they remain at a relatively high level, reflecting bullish market sentiment. The short-term moving average has slightly turned upward, but support is relatively limited, and the MACD indicator is below the 0 axis. Therefore, it is recommended to primarily sell high and buy low. Pressure: 3340-3350-3360 Support: 3325-3315-3300.

Disclaimer: The article is contributed by the market analyst from Bitop market observation team. The content is solely for personal opinions and sharing. The analysis is time-sensitive and provided for reference and discussion only. It does not constitute any investment advice. The market is risky, so investing should be done cautiously.