{"id":24148,"date":"2026-08-14T04:14:23","date_gmt":"2026-08-14T04:14:23","guid":{"rendered":"https:\/\/www.maxainasia.com\/?p=24148"},"modified":"2026-08-14T04:16:12","modified_gmt":"2026-08-14T04:16:12","slug":"daily-commentary-449","status":"publish","type":"post","link":"https:\/\/www.meisheng.asia\/id\/daily-commentary-449-20260814\/","title":{"rendered":"$4,300 tested as Gold is down on profit-taking, but not out"},"content":{"rendered":"<ul class=\"wp-block-list has-text-color\" style=\"color: #f40307;\">\n<li><strong>Gold extends its correction from over two-month highs early Friday, testing $4,300.<\/strong><\/li>\n<li><strong>A subdued US Dollar and falling Oil prices fail to support Gold as profit-taking overshadows.<\/strong><\/li>\n<li><strong>Gold\u2019s daily technical setup remains bullish, following a Bull Cross confirmation.<\/strong><\/li>\n<\/ul>\n<p>Gold\u00a0is testing the $4,300 level as the corrective downside extends into a second day early Friday. Traders remain focused on Middle East developments, Oil price action, and US Federal Reserve (Fed) interest rate expectations before placing fresh positional bets.<\/p>\n<p>Gold\u2019s pullback comes on the back of profit-taking, following a rally spurred by growing doubts over a September Fed rate hike, particularly after unimpressive Consumer Price Index (CPI) and Producer Price Index (PPI) data.<\/p>\n<p>The closely watched core annual CPI also matched expectations, increasing by 2.5% in July. Meanwhile, the monthly core CPI rose by 0.2% in the same period, following a flat reading in June. Meanwhile, the flat PPI reading for final demand last month followed \u200ba revised 0.1% drop in June.<\/p>\n<p>Benign inflation readings, combined with the latest less-hawkish speeches from Fed policymakers, seem to have weighed heavily on imminent Fed rate-hike bets, with markets now pricing in only a 35% chance that the Fed will hike rates next month, from about 55% seen a week ago, according to the CME Group\u2019s FedWatch Tool.<\/p>\n<p>According to TD Securities, the interest-rate backdrop remains constructive for bullion, with a Fed &#8220;likely to remain on hold, despite upside in energy prices&#8221; expected to leave &#8220;the yellow metal well-supported in the higher range.&#8221; The bank suggests that the combination of steady policy and firmer input costs should help sustain gold\u2019s recent resilience within this elevated trading band.<\/p>\n<p>The main driver behind Gold\u2019s correction could likely be the surge in US 30-year Treasury bond yields and US-Iran geopolitical tensions over the Strait of Hormuz.<\/p>\n<p>Late Thursday, US 30-year Treasury yield topped 5.2%, hitting the highest level since 2001, following the US government\u2019s monthly auction.<\/p>\n<p>Meanwhile, the United Arab Emirates (UAE) reported on Thursday that Iran attacked two of its vessels as they transited the Strait of Hormuz, as a senior Islamic Revolutionary Guards Corps (IRGC) official, Hossein Taeb, reaffirmed that the Strait of Hormuz is &#8220;under Iran&#8217;s control and management&#8221;.<\/p>\n<p>US Treasury Secretary Scott Bessent warned early Friday that Washington is going to apply measures that have &#8220;never been seen&#8221; on Iran.<\/p>\n<p>That being said, Gold is likely to attract dip-buying as Oil prices are on a three-day losing streak amid a grim global demand outlook. Fading Fed rate hike expectations will also continue to lend support to buyers amid a bullish technical setup on the daily chart.<\/p>\n<p>Another factor supporting Gold is a Reuters report that \u201cVenezuelan authorities plan to focus on reconstruction efforts and recovering gold reserves worth an estimated $4 billion held in the Bank of England&#8217;s underground vaults.\u201d<\/p>\n<p>The focus will now remain on the University of Michigan (UoM) preliminary Consumer Sentiment and Inflation Expectations data as an eventful week draws to an end.<\/p>\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-24149\" src=\"https:\/\/www.maxainasia.com\/wp-content\/uploads\/2026\/08\/gold-chart-2026-08-14-1024x390.png\" alt=\"Gold Technical Analysis\" width=\"1024\" height=\"390\" srcset=\"https:\/\/www.meisheng.asia\/wp-content\/uploads\/2026\/08\/gold-chart-2026-08-14-1024x390.png 1024w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2026\/08\/gold-chart-2026-08-14-300x114.png 300w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2026\/08\/gold-chart-2026-08-14-768x292.png 768w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2026\/08\/gold-chart-2026-08-14-1536x585.png 1536w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2026\/08\/gold-chart-2026-08-14-18x7.png 18w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2026\/08\/gold-chart-2026-08-14.png 1647w\" sizes=\"(max-width: 767px) 89vw, (max-width: 1000px) 54vw, (max-width: 1071px) 543px, 580px\" \/><\/figure>\n<p>In the daily chart, XAU\/USD trades at $4,315.03. The metal consolidates between its underlying short-term demand and overhead medium-term supply, as price holds above the 21-day and 50-day simple moving averages (SMAs) at $4,164.38 and $4,145.23, but remains capped below the 100-day SMA at $4,386.28. The Relative Strength Index (14) at 58.78 leans bullish without being overbought, suggesting modest upside pressure while the broader trend tone stays neutral beneath the 200-day SMA at $4,504.32.<\/p>\n<p>On the topside, initial resistance appears at the 100-day SMA at $4,386.28, ahead of the longer-term barrier defined by the 200-day SMA near $4,504.32. On the downside, immediate support is seen at the 21-day SMA at $4,164.38, followed closely by the 50-day SMA at $4,145.23, a short-term cluster that would need to give way to revive a deeper corrective phase.<\/p>","protected":false},"excerpt":{"rendered":"<p>Gold extends its correction from over two-month highs early Friday, testing $4,300. A subdued US Dollar and falling Oil prices fail to support Gold as profit-taking overshadows. Gold\u2019s daily technical setup remains bullish, following a Bull Cross confirmation. Gold\u00a0is testing the $4,300 level as the corrective downside extends into a second day early Friday. Traders &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.meisheng.asia\/id\/daily-commentary-449-20260814\/\" class=\"more-link\">Lanjutkan membaca<span class=\"screen-reader-text\"> &#8220;$4,300 tested as Gold is down on profit-taking, but not out&#8221;<\/span><\/a><\/p>","protected":false},"author":5,"featured_media":17233,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-24148","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-commentary"],"_links":{"self":[{"href":"https:\/\/www.meisheng.asia\/id\/wp-json\/wp\/v2\/posts\/24148","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.meisheng.asia\/id\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.meisheng.asia\/id\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.meisheng.asia\/id\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.meisheng.asia\/id\/wp-json\/wp\/v2\/comments?post=24148"}],"version-history":[{"count":2,"href":"https:\/\/www.meisheng.asia\/id\/wp-json\/wp\/v2\/posts\/24148\/revisions"}],"predecessor-version":[{"id":24151,"href":"https:\/\/www.meisheng.asia\/id\/wp-json\/wp\/v2\/posts\/24148\/revisions\/24151"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.meisheng.asia\/id\/wp-json\/wp\/v2\/media\/17233"}],"wp:attachment":[{"href":"https:\/\/www.meisheng.asia\/id\/wp-json\/wp\/v2\/media?parent=24148"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.meisheng.asia\/id\/wp-json\/wp\/v2\/categories?post=24148"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.meisheng.asia\/id\/wp-json\/wp\/v2\/tags?post=24148"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}