The September rate hike has been baked-in and the markets will likely start pricing in a December rate hike if Fed head Jerome Powell downplays risks to economy from Trump’s trade war and expresses concerns over rising inflation. In the meantime, Gold managed to fall again to test the $1238 major support level.
Gold bounced back from its lows with the help of oversold conditions breaking the purple trend line to the upside as we can see on the chart but it lost grip and went to test the $1238 support level twice. The price is currently gathering momentum in this area and expected to surge at least to the $1248 level.
Support: 1241.4 1238.46
Resistance: 1248.95 1255.12