Prices have entered a large-scale consolidation phase. However, in the medium term, as long as the price holds above $4,203, it is assessed as a pause for further upside. For today, a short-term rebound may occur after prices reach oversold conditions, with daily resistance at $4,490–$4,531, while support levels lie at $4,434–$4,395 and $4,325.

Investment strategy: Wait for a price dip and open long positions if the price pullback holds above $4,434–$4,395.

Take profit on long positions if prices fail to pass $4,490–$4,531 (Stop loss if price breaks below $4,325).

Key Factors

On Friday, gold closed down $131.18, touching its lowest level since August 20, following hawkish remarks from Federal Reserve Chair Kevin Warsh at the Jackson Hole symposium. He emphasized that inflation remains elevated and indicated the Fed may still have "more work to do" if inflation does not clearly return to its 2% target.

As a result, the market raised the probability of a Fed rate hike in September to 58% (up from 36%) and increased the likelihood of a December rate hike to 89%.

This hawkish stance drove the U.S. dollar to a one-week high, placing significant downward pressure on gold prices.