Gold Price Prediction: $3,335 Support Faces Breakout Test Before Jackson Hole

Quick overview

Gold is trading around $3,335 today as traders wait for the Jackson Hole symposium later this week. Investors are looking for Fed Chair Jerome Powell’s comments (August 21–23) for clues on monetary policy and rate cuts.

According to the CME FedWatch tool, markets are pricing in an 84% chance of a 25-basis-point cut at the next Fed meeting. Gold likes low-rate environments and uncertainty. Analysts say Jackson Hole could be the catalyst for gold’s next move depending on whether Powell is dovish or hawkish.

Geopolitics are also in the background. President Trump recently told Ukrainian President Zelenskiy that Washington would support Kyiv’s security in any peace deal with Russia. While talks with Moscow are still unresolved, headlines like this keep safe-haven demand for gold alive.

Gold (XAU/USD) Technical Analysis

From a chart perspective, gold is stuck in a tightening wedge with support at $3,331 and resistance at $3,358. Price is struggling to break above its 50-period SMA at $3,345, showing near-term selling pressure.

Technical indicators are showing hesitation. RSI is at 44, just below neutral, with no oversold stress. MACD is still in negative territory, sellers have the edge until a clear breakout.

Bulls still have the bigger trend on their side due to higher lows. But repeated rejections at $3,358–$3,374 show strong supply above. A rejection here – especially with a bearish engulfing candle – could trigger down to $3,312 and $3,287. A break above $3,358 would be bullish, targeting $3,374 and $3,405.

Gold Trade Setup and Takeaways

For short-term traders, it’s a make or break. A short below $3,331 with stops above $3,358 gets you to $3,312–$3,287. Bullish traders can look for a daily close above $3,358 to open up $3,374–$3,405.

• Support: $3,331 / $3,312 / $3,287
• Resistance: $3,358 / $3,374 / $3,405
• RSI: 44 (neutral-to-bearish)
• MACD: Flat, waiting for trigger

UBS has already raised its gold target to $3,600 by March 2026 due to US macro risks and investment flows. For long-term investors, this is more of a pause than a top – building the base for gold’s next move.

ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

U.S. Gas Futures Hover above $3 ahead of Major Oil Release

1 hour ago

Save

Gold Hits $5,223: Why the $182M IEA Oil Release is Igniting a Fresh Safe-Haven Surge

9 hours ago

Save

Gold Surges Past $5,200 as Oil Eases on Emergency Stockpile Release Plan

11 hours ago

Save