• The world gold price managed to rise above $1,800.
  • This increase was influenced by Fed chairman Jerome Powell's speech at the Jackson Hole symposium in Kansas on Friday.
At the time of this gold daily analysis article on August 30, 2021 written by the GIC team, the price of gold was at the level of 1,817. After two weeks of failing to break 1,800 in Monday's Asian session, world gold prices corrected upwards after Fed Chairman Jerome Powell took a dovish tone on tapering stating that the US central bank will only try to start reducing monthly bond purchases worth $120 billion per month by the end of this year. The lack of certainty about the timing of interest rate hikes is the main reason why market participants are risking on the stock market again by releasing the US dollar, resulting in an increase in gold. The US dollar index corrected down 0.9%, which had an impact on the rise of the Dow Jones stock index by 1.16% and XAUUSD by 2.4% in the past week. So, is this enough to make gold manage to rise out of the existing trading price range so far? The Fed chairman managed to prevent a free fall in the US money market by saying that the taper will be carried out by the end of this year, but does not automatically carry out a massive liquidity withdrawal, by raising interest rates in the near future. Traders can see that the US dollar index can be depressed in the short term but in the long term the strengthening of the US dollar will occur again in the future. The withdrawal of the stimulus program on bond purchases will occur at the end of this year and can be done faster by the Fed if there is a strengthening of the NFP data released at the end of this week and there is an explosion in the inflation rate that exceeds 5.4%.

How is gold technical analysis?

The daily analysis of gold this time informs that a correction in the rise of gold will still occur to a strong resistance level before continuing to decline in the future. It is predicted that the trend is still bearish.
  • Pivot poin = 1807,45
  • Support 1 = 1795, 86
  • Support 2 = 1774, 08
  • Support 3 = 1761, 50
  • Resistance 1 = 1829,75
  • Resistance 2 = 1841,86
  • Resistance 3 = 1864,00

Trading plan

  • BUY = 1825
  • TP 1 = 1830
  • TP 2 = 1835
  • SL = 1820
This the daily analysis of gold on August 30, 2021. Don't forget to check out other GIC articles about forex and finance only in the GIC Journal. Also participate in the bonuses that you can get at GIC such as the GIC affiliate program.