Gold Market Trend Analysis:

August 21st Market Update: On Thursday (August 21st), spot gold traded in a narrow range during Asian trading hours, currently hovering around $3,341. On Wednesday, gold prices held above the critical 100-day moving average support and rebounded nearly $40, reaching a high of $3,350 before closing at $3,348, gaining approximately 1%. Strong buying interest emerged near key support levels, while the US Dollar Index faced resistance in its rebound, providing upward momentum for gold prices. Additionally, reports maintaining bullish outlooks have bolstered confidence among bulls. Major institutions maintain optimistic forecasts for gold, suggesting prices could breach the $4,000 mark by mid-2026. Today's focus will be on European and US PMI data, US initial jobless claims, US July existing home sales annualized total, and related news from the Jackson Hole symposium.

Technical Analysis: From the current market perspective, there's a tendency toward a decisive bullish move, though concerns remain about potential expansion of the rebound. Technically, the daily chart shows a large bullish candle engulfing previous small bearish ones, establishing a position above the Bollinger middle band. Consecutive gains today would demonstrate absolute bullish dominance, so Thursday's focus will be on observing the bulls' volume expansion potential. On the 4-hour timeframe, consecutive bullish candles are forming above the Bollinger middle band, though the bands haven't opened yet. Resistance lies near $3,360, so today's bullish outlook depends on whether this level is breached. Without a breakthrough, the market may continue consolidating in a range, with normal pullbacks after rallies.

Overall Assessment: Intraday strategy suggests high short and low long positions. Primary focus on resistance at $3,358-$3,360 region, followed by key resistance at $3,370-$3,375. If this represents a decisive move, then $3,358-$3,360 must hold; otherwise, we'll see a larger rebound where $3,370-$3,375 may only provide temporary resistance, potentially reaching $3,400 again. For support levels, key focus remains around $3,330, which represents the 0.618 retracement level and previous secondary low area. Further support lies at $3,320, yesterday's European session second rally point, also near the 1x extension level - a critical support zone where bulls are expected to defend.

Short-term Strategy: Recommend long positions near $3,333, with stops at $3,327, targeting $3,350.

Risk Disclaimer: This information is for reference only and does not constitute investment advice. Investors should operate at their own risk.