Jakarta - Spot gold price on Monday (23/8) has the potential to experience pressure due to the tapering issue of the US Central Bank's bond-buying policy.

"The issue of tapering the US Central Bank's bond-buying policy pressured gold prices, although on the other hand, overshadowed by concerns that the global COVID-19 is still pushing gold prices up," said Commodity Observer Ariston Tjendra in Jakarta.

According to Ariston, technically, the price of gold has the potential to test the support level of US$1,770 troy ounce with the opportunity for further pressure to the area of US$1,750 per troy ounce. While the resistance range at US$1,790 per troy ounce.

Tonight the market will pay attention to economic data from the US, namely survey data on manufacturing and service sector activity in August 2021 and data on existing home sales for July.

"The improvement in US data will encourage the strengthening of the US dollar beca