On Wednesday (August 20), spot gold hovered near a two-week low, currently trading around $3,315.04/oz.
The current decline in gold is the result of multiple factors: a stronger US dollar, uncertainty over Federal Reserve policy, geopolitical signals, and fluctuations in macro data are all putting short-term pressure on gold prices. However, from a long-term perspective, gold’s resilience should not be underestimated. UBS raised its gold price target to $3,600, highlighting optimism about US economic risks and investment demand.
On Tuesday (August 19)Spot gold fell 0.5%, settling at $3,315.45/oz.
Trading suggestion: After gold touched a daily high of 3,345.5, prices pulled back into the close, with a daily low at 3,314.5, before consolidating. The session closed at 3,315.8, forming a long-upper-shadow bearish candlestick. This pattern suggests continued downside pressure after a retracement today.
Trading strategy: Sell near 3,328, Stop loss 3,334, Target 3,314–3,280.
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