Gold News: Price Struggles Below 50-Day Average as Traders Eye Jackson Hole Clarity

Gold pulled back just a touch — but the floor’s still holding

Gold’s sitting just under $3,349.20 — that’s the current 50-day moving average — and it hasn’t been able to close above it yet. We got a bit of a bounce on Friday, but nothing decisive. The market’s basically coiled here, waiting for Powell to speak at Jackson Hole before it makes its next move.

For now, gold is holding inside a tight zone. It hasn’t broken down, but it hasn’t broken out either. Traders are respecting support at $3,310.48, and as long as that level holds, buyers aren’t going anywhere.

On Friday, XAU/USD settled at $3335.70, up $0.12 or +0.00%.

Hot inflation print took some wind out of gold’s sails

Thursday’s PPI was a jolt — biggest monthly gain in three years — and that knocked back the market’s conviction around a September rate cut. CME FedWatch is still showing a 93% chance, but that’s a dip from earlier in the week.

Gold reacted by falling 0.6% right after the release, but the drop was contained. That’s telling. Even with inflation looking sticky, gold isn’t rolling over — and that speaks to underlying interest at lower levels.

Dollar lost ground, but gold didn’t follow through

The U.S. Dollar Index slipped back below 98.100 on Friday, closing under its 50-day moving average. Usually, that kind of weakness would give gold a lift — but it didn’t move much. That’s likely a reflection of traders holding back until the Fed gives more clarity.

Still, if the dollar continues to lose footing — especially after Jackson Hole — gold could finally get some upside momentum.

Watch that 50-day moving average ceiling — and the $3,310.48 floor

We’re boxed in. A clean move above $3,349.20 puts $3,409.43 on the radar, followed by $3,439.04 and $3,451.53. Those levels could attract momentum buying. But if $3,310.48 fails, it opens the door to test $3,268.12 and $3,244.41 — where buyers stepped in previously.

Bottom line: Still consolidating, but the bulls haven’t left

Gold’s working off some of that summer excess. There’s no runaway trend here, but there’s also no collapse. If Powell sounds even mildly cautious next week, gold has room to move higher. Look at pullbacks as potential buying opportunities — as long as that $3,310.48 floor holds.

We’ll see how that plays out.

More Information in our Economic Calendar.