{"id":23210,"date":"2025-08-22T04:31:05","date_gmt":"2025-08-22T04:31:05","guid":{"rendered":"https:\/\/www.maxainasia.com\/?p=23210"},"modified":"2025-08-22T04:31:05","modified_gmt":"2025-08-22T04:31:05","slug":"daily-commentary-261","status":"publish","type":"post","link":"https:\/\/www.meisheng.asia\/th\/daily-commentary-261-20250822\/","title":{"rendered":"GOLD looks to 100-day SMA support and Powell\u2019s Jackson Hole speech"},"content":{"rendered":"<p><\/p>\n\n\n\n<ul style=\"color:#f40307\" class=\"wp-block-list has-text-color\">\n<li><strong>Gold sellers retain control early Friday, awaiting Fed Chair Powell\u2019s speech at the Jackson Hole Symposium.<\/strong><\/li>\n\n\n\n<li><strong>US Dollar holds weekly gains, led by strong US PMI data, reduced bets for a September Fed rate cut and Wall Street\u2019s declines.<\/strong><\/li>\n\n\n\n<li><strong>Downside risks appear for Gold whilst below $3,350 amid a Bear Cross and bearish RSI.<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Gold is looking to extend the previous decline early Friday after Thursday\u2019s late rebound lost traction. All eyes now turn to US Fed Chair Jerome Powell\u2019s speech at the Jackson Hole Economic Symposium.<\/p>\n\n\n\n<p>The US Dollar is consolidating its recent recovery to two-week highs against its major currency rivals, keeping the bearish interests alive in Gold.<\/p>\n\n\n\n<p>The Greenback continues to ride higher on diminishing odds of an interest rate cut by the Fed next month. This hawkish shift in the markets\u2019 expectations could be attributed to a recent slew of strong US economic data, including housing and business activity.<\/p>\n\n\n\n<p>US Existing Home Sales for July rose to 4.01M vs. 3.92M expected, having rebounded 2.0% on the month after a 2.7% decline in June.Meanwhile, the headline S&amp;P Global US PMI Composite Output Index rose to an eight-month high in August, ticking up from 55.1 in July to 55.4, while the Manufacturing and Services PMIs beat estimates, with 53.3 and 55.4, respectively, in August.<\/p>\n\n\n\n<p>Markets pared back bets for a September Fed rate cut to 75% post-US PMI data, according to the CME Group\u2019s FedWatch Tool, from about 85% seen pre-release.<\/p>\n\n\n\n<p>Additionally, the ongoing sell-off on US indices, due to increased concerns over the future of AI investments, sags investors\u2019 confidence, boosting the USD\u2019s safe-haven appeal.<\/p>\n\n\n\n<p>Furthermore, markets are expecting Fed Chair Jerome Powell to stick to the cautious stance on further easing during his opening remarks at the Jackson Hole Symposium, scheduled later in the day.<\/p>\n\n\n\n<p>Nick Timiraos of the WSJ, the Fed whisperer, said on Thursday that Powell could \u201creverse two major 2020-era policy changes; flexible inflation averaging and a bias toward low unemployment.\u201d<\/p>\n\n\n\n<p>Powell\u2019s words will likely have a significant impact on the Fed rate cut expectations, eventually influencing the USD\u2019s performance, while injecting intense volatility around the non-yielding bright metal.<\/p>\n\n\n\n<p>If Powell pushes back against bets of aggressive rate cuts, it could provide extra legs to the USD upswing, drowning Gold back under the $3,300 level. On the other hand, the Greenback could witness a fresh sell-off on a surprise dovish shift by the Fed Chair, which could lift Gold northward.<\/p>\n\n\n\n<h5 class=\"wp-block-heading has-vivid-red-color has-text-color has-small-font-size\">\u0e01\u0e32\u0e23\u0e27\u0e34\u0e40\u0e04\u0e23\u0e32\u0e30\u0e2b\u0e4c\u0e17\u0e32\u0e07\u0e40\u0e17\u0e04\u0e19\u0e34\u0e04\u0e23\u0e32\u0e22\u0e27\u0e31\u0e19<\/h5>\n\n\n\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"402\" src=\"https:\/\/www.maxainasia.com\/wp-content\/uploads\/2025\/08\/image-15-1024x402.png\" alt=\"\" class=\"wp-image-23211\" srcset=\"https:\/\/www.meisheng.asia\/wp-content\/uploads\/2025\/08\/image-15-1024x402.png 1024w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2025\/08\/image-15-300x118.png 300w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2025\/08\/image-15-768x301.png 768w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2025\/08\/image-15-1536x602.png 1536w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2025\/08\/image-15-18x7.png 18w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2025\/08\/image-15.png 1594w\" sizes=\"(max-width: 767px) 89vw, (max-width: 1000px) 54vw, (max-width: 1071px) 543px, 580px\" \/><\/figure>\n\n\n\n<p>The daily chart indicates that risks remain to the downside for Gold, as the 14-day RSI grinds lower below the 50 level.<\/p>\n\n\n\n<p>The Bear Cross also keeps the negative outlook in place. Note that the 21-day SMA closed below the 50-day SMA on Tuesday, validating the bearish crossover. Sellers need to find a strong foothold below the 100-day SMA at $3,314 for a sustained downtrend.<\/p>\n\n\n\n<p>\u0e16\u0e31\u0e14\u0e25\u0e07\u0e44\u0e1b\u0e17\u0e32\u0e07\u0e43\u0e15\u0e49 \u0e08\u0e38\u0e14\u0e15\u0e48\u0e33\u0e2a\u0e38\u0e14\u0e02\u0e2d\u0e07\u0e27\u0e31\u0e19\u0e17\u0e35\u0e48 31 \u0e01\u0e23\u0e01\u0e0e\u0e32\u0e04\u0e21\u0e17\u0e35\u0e48 $3,274 \u0e0b\u0e36\u0e48\u0e07\u0e15\u0e48\u0e33\u0e01\u0e27\u0e48\u0e32\u0e08\u0e38\u0e14\u0e15\u0e48\u0e33\u0e2a\u0e38\u0e14\u0e02\u0e2d\u0e07\u0e27\u0e31\u0e19\u0e17\u0e35\u0e48 30 \u0e01\u0e23\u0e01\u0e0e\u0e32\u0e04\u0e21\u0e17\u0e35\u0e48 $3,268 \u0e08\u0e30\u0e16\u0e39\u0e01\u0e17\u0e14\u0e2a\u0e2d\u0e1a\u0e43\u0e19\u0e40\u0e2a\u0e49\u0e19\u0e17\u0e32\u0e07\u0e2a\u0e39\u0e48\u0e41\u0e19\u0e27\u0e15\u0e49\u0e32\u0e19\u0e17\u0e32\u0e07\u0e08\u0e34\u0e15\u0e27\u0e34\u0e17\u0e22\u0e32\u0e17\u0e35\u0e48 $3,250.<\/p>\n\n\n\n<p>On the flip side, Gold buyers need to take out the strong resistance near $3,350, the confluence zone of the 21-day SMA and the 50-day SMA, to negate any near-term bearish bias.<\/p>\n\n\n\n<p>\u0e40\u0e1b\u0e49\u0e32\u0e2b\u0e21\u0e32\u0e22\u0e02\u0e32\u0e02\u0e36\u0e49\u0e19\u0e16\u0e31\u0e14\u0e44\u0e1b\u0e2d\u0e22\u0e39\u0e48\u0e17\u0e35\u0e48\u0e23\u0e30\u0e14\u0e31\u0e1a\u0e2a\u0e39\u0e07\u0e2a\u0e38\u0e14\u0e02\u0e2d\u0e07\u0e2a\u0e31\u0e1b\u0e14\u0e32\u0e2b\u0e4c\u0e17\u0e35\u0e48\u0e41\u0e25\u0e49\u0e27\u0e17\u0e35\u0e48 $3,375 \u0e41\u0e25\u0e30\u0e23\u0e30\u0e14\u0e31\u0e1a\u0e01\u0e25\u0e21\u0e17\u0e35\u0e48 $3,400.<\/p>","protected":false},"excerpt":{"rendered":"<p>Gold is looking to extend the previous decline early Friday after Thursday\u2019s late rebound lost traction. All eyes now turn to US Fed Chair Jerome Powell\u2019s speech at the Jackson Hole Economic Symposium. The US Dollar is consolidating its recent recovery to two-week highs against its major currency rivals, keeping the bearish interests alive in &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.meisheng.asia\/th\/daily-commentary-261-20250822\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;GOLD looks to 100-day SMA support and Powell\u2019s Jackson Hole speech&#8221;<\/span><\/a><\/p>","protected":false},"author":5,"featured_media":17233,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[12],"tags":[],"class_list":["post-23210","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-commentary"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/posts\/23210","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/comments?post=23210"}],"version-history":[{"count":1,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/posts\/23210\/revisions"}],"predecessor-version":[{"id":23212,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/posts\/23210\/revisions\/23212"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/media\/17233"}],"wp:attachment":[{"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/media?parent=23210"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/categories?post=23210"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/tags?post=23210"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}