Gold awaits boost from Fed interest rate decision: $3700 or $3800

General Outlook
Gold is holding near record highs around $3,670–3,700/oz, supported by expectations of a Fed rate cut in September. A slight USD rebound and Treasury yield pressure cause short-term fluctuations, but the overall uptrend remains dominant.

Fundamental Analysis

• The Fed is likely to cut rates soon due to weak labor market and PPI data.

• The USD is rebounding in the short term but not strong enough to change the trend.

• Geopolitical tensions and safe-haven demand continue to support gold.

Technical Analysis

• Resistance: $3,700–3,720 → a breakout could push prices to $3,750–3,800.

• Support: $3,550–3,600 → a break below could drag prices to $3,500.

• Scenario: Consolidation around $3,650; breakout above $3,700 confirms an uptrend.

Intraday Strategy

• Prefer Buy breakout >$3,700 → TP $3,750–3,800.

• If rejection at $3,700 → short Sell back to $3,650–3,630.