24/7 SUPPORT
Download App
Search
Popular Search
Published: 26 August 2026,11:12
Daily Market Analysis New
Key Takeaways:
*USD remains under pressure: DXY is around 98.9, with lower Treasury yields and fiscal concerns weighing on the dollar.
*The expanded long-term bond buyback programme has lowered yields but raised fresh concerns over US debt and fiscal sustainability.
*Gold has gained more than 7% in the past week and around 15% this month, supported by lower yields, dollar weakness and safe-haven demand.
The US dollar remains range-bound but structurally under pressure, with the DXY around 98.9, as investors await July PCE inflation data and Federal Reserve Chair Kevin Warsh’s speech at Jackson Hole for clues on the path of US monetary policy. The latest Treasury decision to expand long-dated bond buybacks remains a major driver, pushing long-term Treasury yields lower while simultaneously reviving concerns over US fiscal sustainability and the so-called “dollar debasement trade.” US public debt has surpassed US$40 trillion, while rising government spending, persistent deficits and uncertainty over future tariff revenues continue to weigh on confidence in US assets. Lower Treasury yields have also reduced the dollar’s yield advantage, although the greenback continues to receive some temporary safe-haven support from geopolitical risks and Washington’s expanded sanctions against Iran.
Gold, meanwhile, remains strongly supported, trading near record highs after gaining more than 7% over the past week and roughly 15% this month. The sharp decline in long-term Treasury yields following the expanded buyback programme has reduced the opportunity cost of holding non-interest-bearing bullion, while concerns over US debt and fiscal stability have strengthened demand for gold as an alternative store of value. Investor participation is also broadening, with gold-backed ETFs recording more than 28 tonnes of inflows in the week ended Aug 23, the strongest weekly increase since January, while options positioning points to stronger demand for upside exposure. Together, lower yields, dollar weakness, fiscal concerns and safe-haven demand continue to underpin gold, although easing Middle East tensions could limit some of its near-term defensive demand.
Looking ahead, US PCE inflation and Warsh’s Jackson Hole speech are likely to be the next major catalysts for both the dollar and gold. A softer PCE reading or a more dovish Fed tone could push Treasury yields and the dollar lower, providing further upside momentum for gold. Conversely, hotter inflation or hawkish guidance could trigger a rebound in yields and the dollar, potentially leading to a short-term pullback in bullion. Meanwhile, the Canadian dollar has strengthened following Ottawa’s retaliatory tariffs on roughly US$20 billion of US imports, while the yen remains around 159 per dollar as expectations for another BoJ rate hike in September continue to build. Overall, the fundamental backdrop remains bearish for the dollar but bullish for gold, although both markets could see increased volatility around the upcoming US inflation data and Jackson Hole.
Technical Analysis
GOLD, H4:
Gold has turned bullish after breaking above the 4,520 resistance and extending its rally toward the 4,675–4,700 area. Price is now consolidating just below the recent highs, making 4,645–4,675 the key near-term resistance zone. A sustained break above 4,700 would strengthen the bullish outlook and expose 4,825 as the next major resistance. On the downside, 4,646.64 has become the immediate support, while a deeper pullback toward 4,520–4,375 could provide the next major support zone.
Momentum indicators remain supportive of the bulls, although some caution is warranted. RSI is at 65, holding above the 50 level and indicating positive momentum without yet reaching overbought territory. Meanwhile, MACD remains bullish, with the MACD line above the signal line and both staying firmly in positive territory, although the histogram has started to weaken slightly, suggesting that upside momentum may be moderating. Overall, the bias remains bullish above 4,520, with further upside favoured while price holds above this breakout level.
Resistance Levels: 4645.00, 4695.00
Support Levels: 4605.00, 4555.00
Trade forex, indices, metal, and more at industry-low spreads and lightning-fast execution.
Sign up for a PU Prime Live Account with our hassle-free process.
Effortlessly fund your account with a wide range of channels and accepted currencies.
Access hundreds of instruments under market-leading trading conditions.
Trading Platforms
Learn
About PU Prime
Corporate
Important Notice
Please be advised that our products and services are currently unavailable to residents and entities located in the Philippines.
This restriction is a result of our firm commitment to adhering to applicable legal and regulatory requirements in all jurisdictions where we operate. In line with our internal compliance protocols and evolving global standards, we continuously assess and update access to our platform to ensure full regulatory alignment.
We appreciate your understanding and cooperation.
If you believe this restriction has been applied in error, please contact our support team for further assistance.
Dear Valued Client,
As part of PU Prime’s ongoing commitment to providing a stable and reliable trading environment, please be informed of the following weekly weekend scheduled optimisation activities:
Important Notice: Please note the Website is intended for individuals residing in jurisdictions where accessing the Website is permitted by law.
Please note that PU Prime and its affiliated entities are neither established nor operating in your home jurisdiction.
By clicking the "Acknowledge" button, you confirm that you are entering this website solely on your own initiative and not as a result of any specific marketing outreach. You wish to obtain information from this website which is provided on a reverse solicitation basis in accordance with the laws of your home jurisdiction.
Thank You for Your Acknowledgement!
Please note the Website is intended for individuals residing in jurisdictions where accessing the Website is permitted by law.
Please note that PU Prime and its affiliated entities are neither established nor operating in your home jurisdiction.
By clicking the "Acknowledge" button, you confirm that you are entering this website solely based on your initiative and not as a result of any specific marketing outreach. You wish to obtain information from this website which is provided on reverse solicitation in accordance with the laws of your home jurisdiction.
Thank You for Your Acknowledgement!
Ten en cuenta que el sitio web está destinado a personas que residen en jurisdicciones donde el acceso al sitio web está permitido por la ley.
Ten en cuenta que PU Prime y sus entidades afiliadas no están establecidas ni operan en tu jurisdicción de origen.
Al hacer clic en el botón "Aceptar", confirmas que estás ingresando a este sitio web por tu propia iniciativa y no como resultado de ningún esfuerzo de marketing específico. Deseas obtener información de este sitio web que se proporciona mediante solicitud inversa de acuerdo con las leyes de tu jurisdicción de origen.
Thank You for Your Acknowledgement!
