XAU Gold – Gold prices dipped narrowly on positive news from the US-Ukraine talks.

Gold prices fell narrowly on Monday, falling below $3,330. The gold market showed little reaction to the meeting between Putin and Trump. Trump said the United States would "help" Europe provide security guarantees for Ukraine as part of any agreement to end Russia's war in Ukraine.

The minutes of the Federal Reserve's July policy meeting will be released on Wednesday; investors are closely watching the August 21-23 meeting in Jackson Hole, Wyoming, where Fed Chairman Powell is expected to deliver a speech that could provide further clarification on the economic outlook and the Fed's policy framework. Recent data also suggests that US tariffs have yet to impact overall consumer prices, but a weak job market could prompt the Fed to adopt a more dovish stance.

Gold prices fell for the week, primarily due to a drop of over $50 on Monday, and have since remained largely range-bound above $3,330. As seen on the technical chart, London gold is currently trading within a narrow range, intersecting its short- and medium-term moving averages and moving sideways, signaling a potential market stagnation. Support is expected at $3324 and $3313, with the 100-day moving average at $3307 as another key support level. If this level holds this week, there's a chance the price will repeat the pattern seen in late July, stabilizing after reaching the 100-day moving average. Otherwise, further support is expected to test $3300 to $3282. Nearer resistance is expected at $3335 and $3342, while greater resistance is anticipated at the 25-day moving average between $3352 and $3359. A key level lies at the descending trend line formed by three peaks since April, currently at $3431.

London Gold, August 19
Forecast Early Range: $3,324 – $3,335  
Resistance: $3,342 – $3,348 – $3,359  
Support: $3,313 – $3,300 – $3,282  

SPDR Gold Trust Holdings:
August 11: 964.22 tonnes  
August 12: 964.22 tonnes  
August 13: 964.22 tonnes  
August 14: 961.36 tonnes  
August 15: 965.37 tonnes

18/7 AM London Gold Fix: $3,348.45  
18/7 PM London Gold Fix: $3,332.40

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