Gold (XAUUSD) and Silver Analysis: Powell’s Jackson Hole Speech and Dollar Moves in Focus

Gold (XAUUSD) prices are consolidating at key support ahead of Powell’s Jackson Hole speech. His remarks may confirm a September rate cut or suggest a longer pause. Lower rates reduce the cost of holding gold and increase its appeal. A dovish tone could spark fresh buying and drive prices higher.

On the other hand, political pressure on the Fed adds uncertainty. Trump’s repeated attacks on Powell and other officials weaken confidence in the central bank’s independence. This environment boosts safe-haven demand for gold. Investors see political interference and policy risks as supportive for prices in the near term.

Gold Technical Analysis

XAUUSD Daily Chart – Consolidation

The daily chart for spot gold shows consolidation within an ascending triangle pattern. Prices rebounded on Wednesday from support near the $3,315 region. However, the price remains capped below the 50-day SMA and is waiting for the Jackson Hole meeting.

A break above $3,350 would be bullish and open the way toward the $3,450 area. On the other hand, a drop below $3,310 could trigger further downside toward $3,250. As long as the price remains below $3,500, gold will remain volatile and uncertain, searching for direction.

The RSI is consolidating below the midline, signalling weak momentum. Overall, the price continues to move within the $3,250–$3,500 consolidation range, and the next move in gold remains uncertain.

XAUUSD 4-Hour Chart – Consolidation

The 4-hour chart for spot gold highlights an orange zone showing consolidation within a range over the past four months. This range lies between $3,250 and $3,500. A break below $3,250 could trigger further downside, while a break above $3,500 may open the path toward the $4,000 area.

Silver Technical Analysis

XAGUSD Daily Chart – Support at 50-Day SMA

The daily chart for spot silver (XAG) shows a bullish hammer forming at the 50-day SMA, signalling upside potential. The repeated appearance of bullish hammers at this level, along with a rebound from the midline on the RSI, suggests silver may continue to trend higher in the coming days. Moreover, the emergence of an Adam and Eve pattern above long-term support, followed by a breakout above the $35 region, strengthens the bullish outlook.

XAGUSD 4-Hour Chart – Positive Price Action

The 4-hour chart for spot silver shows bullish price action, with a rebound toward the 38.60 level. A break above 38.60 would signal short-term strength, while a drop below $36.90 could push prices back toward the $35 area. The overall outlook for silver remains positive.

US Dollar Index Technical Analysis

US Dollar Daily – Negative Price Action

The daily chart for the US Dollar Index shows a rebound from long-term support ahead of Powell’s speech. Despite this rebound, the key resistance remains at 100.50. As long as the index stays below this level, the next move is likely lower. A drop below 96 would open the way for further downside in the coming weeks.

US Dollar 4-Hour Chart – Rebound from Support

The 4-hour chart for the US Dollar Index shows the index holding above 98.60, indicating a move toward the 99.20 resistance. A break above 99.20 could lift the index toward the 100.50 area, and a further break above 100.50 would push it toward 102. As long as the index remains below 100.50, the next move remains uncertain.