Gold Prices Hover Near Resistance; Awaiting U.S. GDP Impact

For August 28, 2024, the gold market (XAU/USD) is showing signs of a potential bearish correction, testing the support area near 2495. This correction could be followed by an upward rebound, aiming for a target above 2615 if bullish momentum continues. However, if the price falls below the 2480 level, it could signal a more significant downward trend, potentially pushing the price below 2445​

Market participants are closely watching upcoming U.S. GDP data, as it could significantly influence gold prices. A strong GDP result might support the U.S. dollar, leading to a decrease in gold prices, while weaker-than-expected data could boost gold prices by reinforcing its role as a safe haven​