Today's short-term resistance is at $4,643; failing to pass it calls for caution against selling pressure. Passing $4,643 allows further rebound, but if the price cannot make a Higher High above $4,696–$4,673, caution regarding a correction remains. However, it is assessed as a correction for further upside, with support levels at $4,566 and $4,556–$4,500 respectively.

Investment strategy: Take profit on long positions if prices fail to pass $4,642–$4,673; if it passes $4,673, delay selling until the next resistance level.

Open long positions again if price pullbacks hold above $4,566; if it breaks below $4,566, delay entering long positions until $4,556–$4,500 (Stop loss if price breaks below $4,500).

Key Factors

Yesterday, gold closed down $3.36 as market participants remained cautious about opening new positions ahead of Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole symposium today at 9:00 PM Thailand time.

Although U.S. initial jobless claims dropped to 203,000, market expectations for a Fed rate hike in September declined to around 34–36% (down from approximately 40% prior to the PCE data release), providing underlying support for gold.

However, several Fed officials at Jackson Hole continued to signal concern over inflation remaining above their target, leaving the door open for further rate increases. As a result, investors are keeping a close watch on Warsh's upcoming address.