The daily outlook for XAUUSD is neutral with a high degree of uncertainty. Gold has been trading in a tight range, caught between a strong US dollar and ongoing geopolitical tensions. The primary driver for today will be Fed Chair Powell’s speech at the Jackson Hole Symposium. A hawkish tone could send gold lower, while a more dovish stance or any mention of potential future rate cuts would be a significant bullish catalyst. Given the high-impact event, volatility is expected to increase significantly in the US trading session.

Changes to Weekly Outlook

The weekly outlook, which was slightly bearish to neutral, remains fundamentally unchanged. The downward pressure on gold has persisted, with the price failing to convincingly break above the $3,350 resistance level. However, the week’s trading has shown gold’s resilience, as it has not experienced a significant breakdown either. The market is in a holding pattern, and today’s speech is the critical factor that could definitively shift the weekly sentiment, either reinforcing the bearish trend or paving the way for a bullish reversal.