From a weekly chart perspective, $3310.48 remains the battleground. Gold has been straddling this midpoint since early May, and as long as that level holds, buyers still have the edge. A sustained move higher could ignite a rally toward the twin tops at $3439.04 and $3451.53, with the $3500.20 all-time high in sight if momentum accelerates.
On the flip side, a weekly close below $3310.48 exposes downside targets at $3268.12 and $3244.41. Below that, the major support rests at $3120.76, with $2949.56 as the deeper long-term objective.
Next Week: Jackson Hole Could Break the Stalemate
The focus now turns to Fed Chair Powell’s remarks at Jackson Hole on Friday, August 22 (14:00 GMT). If he signals flexibility or concern about growth risks, gold could surge off the weekly pivot and target higher resistance levels. But if he reaffirms confidence in inflation control, sellers may press for a break below $3310.48. More likely than not, gold remains stuck in range until Powell gives it a reason to move.
More Information in our Economic Calendar.
Source: Gold (XAUUSD) Price Forecast: $3310.48 in Play as Market Awaits Powell’s Signal
