The summer doldrums continued overnight as gold produced a sideways days ahead of the start of the Jackson Hole Symposium. The trend line support, today at 1281.00, remained untested overnight as gold traded quietly higher to close near the top of its range at 1288.00.
Ms. Yellen’s speech will decide the near term fate of the U.S. dollar and thus gold as well so patience will be required until her keynote speech tomorrow.
In the meantime however, gold’s price action continues to be constructive as its quietly goes about its work consolidating the gains of the last ten days. Resistance appears initially at 1296.00 followed by the Friday high at 1301.00.