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 1282.50, remained untested overnight with gold trading in a 1284.50/1291.50 range.
Ms. Yellen’s speech will decide the near term fate of the U.S. dollar, so patience will be required until her keynote speech this evening.
Gold’s price action continues to be constructive as it consolidates the gains of the last ten days. Resistance remains at 1296.00 followed by the Friday high at 1301.00 with support at 1279.00 and 1267.00.