Jin10 data reported on August 20, gold futures have pumped, reversing the fall from the previous trading day. David Morrison from Trade Nation noted in the report that gold has maintained a range fluctuation over the past approximately 10 weeks. Traders may be closely following the dollar’s performance, as significant changes in the dollar could become a catalyst for gold to break out of its current range. A weaker dollar makes gold, priced in dollars, cheaper for international buyers while also weakening the competition between the dollar and gold in terms of safe-haven attributes, thereby increasing gold demand. Morrison stated that factors that could trigger dollar fluctuations include the Fed meeting minutes to be released on Wednesday, and more likely, Powell’s speech on Friday in Jackson Hole.
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