The Jackson Hole Annual Meeting is approaching, gold is moving slightly slowly today

On Friday today, international spot gold remained within the range of 1,910-1,920 US dollars per ounce. In the short term, gold prices maintained a slightly slow trend.

Federal Reserve officials: further interest rate increases are not ruled out

The Jackson Hole annual meeting will begin. On Thursday, local time, before the annual meeting began, Boston Fed President Susan Collins said in an interview, "We may need to add a little more, and we may be very close to the level where we can keep interest rates unchanged for a long time." Collins said the U.S. economy has not yet slowed enough to put inflation on a sustainable downward trajectory. She believes the economy's resilience means the Fed may need to do more. Meanwhile, Philadelphia Fed President Patrick Harker reiterated that the Fed has "probably done enough" in tightening policy and should keep interest rates at restrictive levels while it assesses the impact of policy on the economy.

What needs to be paid attention to during the day is the speech by Federal Reserve Chairman Powell at the Jackson Hole annual meeting. Some analysts pointed out that the gold market continues to struggle as the Federal Reserve maintains its hawkish monetary policy; however, a research company predicts that it is only a matter of time before the Federal Reserve becomes the last buyer of U.S. Treasury bonds, which may trigger a long-term rise in gold prices. Commodity analysts at BCA Research said in a recent report that as the U.S. debt-to-gross domestic product (GDP) ratio rises, gold remains an attractive hedge against the dollar's inevitable decline.

Yesterday, gold opened at $1,915.25, with a maximum of $1,923.30, a minimum of $1,911.71, and a closing of $1,916.70. It closed with a red cross star, and the daily line recorded four consecutive positives.

Currently, the gold price has encountered a pressure level of 1924, and its rise has slowed down. Do not chase the bull. From a morphological point of view, although it is an upward trend, the gold price has reached near the 1924 line three times and failed to successfully break through.