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Gold Holds $2,500/oz Amid Profit-Taking Pressure

Last week, gold prices continued their strong upward trend, reaching $2,500/oz. For the first time in history, the value of a gold bar has exceeded $1 million, reflecting the significant rise in this precious metal. Gold prices continued to increase in the evening trading session due to the weakening USD, as investors bet on a potential FED rate cut in September.

Key Event Ahead: Jackson Hole Conference

Attention is now focused on the Jackson Hole Conference this Friday, where Chairman Jerome Powell will make important remarks that could influence future interest rate projections. Currently, 77.5% of investors believe the FED will cut rates by 25 basis points in September, which supports the ongoing increase in gold prices. However, gold prices saw a slight decline on Monday (August 19) as many investors took profits after last week’s strong rally, yet they maintained the key level of $2,500/oz.

Outlook and Forecast for Gold

At the close, the spot gold price in New York decreased by $3.7/oz from the previous close, settling at $2,505/oz, according to Kitco data. As of around 8 AM Vietnamese time, spot gold in the Asian market was down by $0.6/oz, trading at $2,504.4/oz, equivalent to about 75.9 million VND per tael based on Vietcombank’s exchange rate.

Investors are awaiting further information from the FED and developments in geopolitical tensions in the Middle East, which are expected to continue influencing gold prices. Additionally, the geopolitical tension in the Middle East and U.S. efforts to reach a ceasefire agreement for Gaza continue to support gold prices.

Trading Strategy:

  • Buy:
    • Scenario 1: Look to Buy when gold reaches levels of $2,505 – $2,507/oz and $2,510 – $2,512/oz. Further target levels are $2,515 – $2,517/oz and $2,520 – $2,522/oz.
    • Scenario 2: During the European session, if gold maintains trading around $2,500 – $2,502/oz, consider continuing Buy opportunities.
  • Sell:
    • Scenario 1: After achieving Buy targets, consider Sell at retracement levels with targets of $7 – $15/oz.
    • Scenario 2: If, after the middle of the European session, gold rises but does not surpass $2,520 – $2,522/oz, consider exiting Buy positions and looking to Sell earlier with targets of $5 – $10/oz.

Note: Continue to monitor news and comments from the Jackson Hole Conference closely, as it could be a deciding factor for the next trend in gold prices. Proper risk management is crucial, especially with gold at high levels and the market potentially experiencing strong volatility due to new information.

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