For gold, that quite possibly means having to wait on more catalysts to impact broader market and dollar sentiment before being able to react. Since the end of May, price action has been consolidating even as the fundamentals continue to stay relatively supportive. I highlighted those factors in the linked post above.
As the upside momentum stalls and we move towards more sideways price action, it is testing the resolve of buyers with the 100-day moving average (red line) being called into question. That level is seen at around $3,315 currently.
As such, a technical break of the key level could trigger stops especially if it is accompanied by a break of the consolidation range above amid a further loss of buying appetite. As mentioned earlier this week:
So, therein lies the risk for gold prices regardless of how Jackson Hole might pan out. This will be something to consider especially if markets will have to wait two more weeks before feeding off the next US jobs data to manage the outlook heading into September.
This article was written by Justin Low at investinglive.com.Hence then, the article about gold continues to hold more rangebound but buyers may be tested post jackson hole was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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