International gold prices posted a third consecutive weekly gain during the week of August 10, with spot prices touching their highest levels since May 15 during intraday trading. Market participants now anticipate a higher likelihood of choppy trading conditions for bullion in the week ahead. A weekly reader survey indicates that 60% of respondents hold a bullish outlook for gold prices this week, while 21% expect sideways movement and 19% project a decline.

Independent analyst Wu Di notes that short-term profit-taking pressure at elevated levels remains significant. This week marks a dual-core period featuring both the Personal Consumption Expenditures Price Index release and the Jackson Hole Global Central Bank Symposium. Since taking office, Federal Reserve Chair Warsh has deliberately reduced forward guidance, and markets have interpreted this silence as a sign of insufficient commitment to inflation control. The 30-year Treasury yield briefly surged to 5.34%, the highest level since 2007. If clear monetary policy direction is still not provided, long-dated bond selling could intensify, which would benefit international gold prices. Conversely, if hawkish signals reaffirming rate hikes emerge, gold's recent gains could face a pullback. From a technical perspective, the key pivot level for gold this week stands at $4,515 per ounce, with upside resistance near $4,640 per ounce. A decisive break above that level could open further upside room, with resistance then adjusting to $4,700 per ounce. On the downside, initial support sits near $4,515 per ounce, and if gold effectively breaks below that level, support would adjust to $4,379 per ounce. Given the notable short-term profit-taking pressure at elevated levels, chasing highs blindly is not advisable.

Hong Jie, a registered senior gold investment analyst, observes that the characteristics of a short-term rebound have become clearly defined. From a fundamental perspective, the US dollar is showing notable downward pressure. The US Treasury's expanded bond buyback program has fueled market concerns that such measures may come at the cost of long-term damage to dollar credibility, directly undermining the greenback's appeal as a core reserve asset. Combined with ongoing tensions in the Middle East geopolitical landscape, safe-haven demand from global capital is rapidly heating up, and the consensus among institutional and professional investors for a bullish gold outlook continues to strengthen. Gold's asset attributes are also undergoing a critical upgrade, no longer confined to its traditional role as an inflation hedge, but increasingly becoming a core strategic allocation for hedging dollar credit risk. Capital flows into the gold sector are showing clear momentum. From a technical analysis standpoint, the trend characteristics of gold's short-term rebound are already evident. The current core support zone is concentrated in the $4,430 to $4,400 per ounce range. As long as this support zone is not decisively breached, the current rebound remains intact. Should support fail, the market could initiate a new round of downward movement in the near term. On the upside, strong resistance near $4,800 to $4,830 per ounce warrants close attention, as the breakout of this range will directly determine the upside potential of the current move.

Liu Shikai of Zhaojin Refinery highlights that international precious metal prices are surging strongly. With the sharp spike in 30-year Treasury yields and a simultaneous notable pullback in the US dollar index, gold has broken out of its previous range-bound consolidation and entered a strong upward trend. The mounting pressure of US debt obligations and the marginal weakening of dollar credit constitute the core medium-to-long-term driving logic for higher international precious metal prices. Market attention on gold is rising, and trading liquidity is improving in tandem. After consecutive sharp gains in the short-term charts, technical indicators have flashed overbought signals. Combined with the release of trapped positions from earlier levels and profit-taking pressure, the market faces some need for corrective consolidation. However, the overall bullish structure remains intact, limiting the scope for pullbacks, and prices are likely to maintain a high-level firm bias. Going forward, key tracking points include the evolution of Middle East geopolitical developments, Federal Reserve policy signals, and market volatility stemming from US Treasury fluctuations. The main trading range for international gold prices is expected to be $4,450 to $4,780 per ounce.

Independent analyst Zhou Zhicheng suggests that international gold and silver prices may experience volatile rebounds. The United States finds itself in genuine internal and external difficulties, facing economic slowdown and fiscal red lines domestically while confronting geopolitical shocks and oil price uncertainty abroad. The capital suppressing long-term Treasury yields is primarily achieved through increased issuance of short-term government bonds, and the ultimate outcome is likely to be further damage to dollar credibility. Gold's breakthrough of the key $4,500 per ounce resistance level is a concentrated manifestation of these concerns. On the technical front, gold's rebound has already crossed the $4,600 per ounce threshold, returning to an overall upward channel. Last week, gold formed a large bullish candlestick with upper and lower shadows on the weekly chart, while silver's weekly pattern was largely identical. The US dollar index has now fallen back below 99. Upside resistance for gold is located at $4,650, $4,720, and $4,800 per ounce, while downside support sits at $4,550, $4,450, and $4,380 per ounce. Given that the Jackson Hole Global Central Bank Symposium convenes this week, the likelihood of continued volatile rebounds in gold prices is elevated. The gold-silver ratio has ticked down slightly to 66.74, and silver prices are expected to undergo a volatile rebound within the $66.5 to $77 per ounce range this week.

Independent analyst Liang Jinhai emphasizes that the core driving force for gold prices has shifted from expectations of rate-hike reductions to concerns over damaged dollar credit. Treasury buybacks, fiscal worries, and a weakening dollar index provide structural support for gold. The most critical event this week is Fed Chair Warsh's first keynote speech at the Jackson Hole Global Central Bank Symposium on August 28. If he delivers clear anti-inflation signals or hints at rate hikes, gold prices could face short-term pressure. If he maintains his ambiguous style, long-dated bond selling could intensify and the dollar could weaken further, continuing to benefit gold. The current pricing anchor is transitioning from real interest rates to credit hedging. The risk lies in the fact that gold has already rebounded more than $800 from its bottom at $3,800 per ounce. If Warsh's remarks fall short of expectations or geopolitical situations become volatile again, gold could slip into a $4,500 to $4,700 per ounce consolidation range in the near term.