On Monday (August 18), gold prices faced resistance after an earlier rebound. Spot gold briefly rose to around $3,358 amid concerns over the Russia-Ukraine situation, but as peace expectations grew, the metal gave back its gains.
The current volatility in gold prices reflects a combination of easing geopolitical tensions, a stronger U.S. dollar, and uncertainty over Federal Reserve policy. The advancement of Trump’s "Putin-Zelensky meeting" injected hope for peace in the Russia-Ukraine conflict, but it also directly weakened gold’s safe-haven appeal. The dollar’s strength and bond market dynamics added further pressure.
Spot gold settled at $3,332.66 per ounce, down about 0.1%.
Trading suggestion: After touching a daily low of $3,323.1, gold rebounded strongly from the weekly Bollinger mid-band support, reaching a high of $3,358.4 before pulling back. The daily candle closed at $3,332.5, forming a shooting star pattern with a long upper shadow. Such a formation indicates technical downside pressure for today’s session.
Trading strategy: Sell near 3,348, Stop loss 3,355, Target 3,330–3,302.
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