Gold price steady ahead of Powell’s Jackson Hole speech

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Gold and silver prices remain unchanged in early U.S. trading as investors eagerly await the annual Federal Reserve symposium in Jackson Hole, Wyoming. The event, which started on Thursday evening, is known to produce market-sensitive news from central bankers, including Fed Chair Jerome Powell. Powell is scheduled to speak on Friday morning, and his comments are expected to have a significant impact on the markets, including gold and silver. While Asian stock markets were weaker and European markets were firmer, U.S. stock indexes are poised for higher openings.

The U.S. dollar index has strengthened and reached a 5.5-month high, while crude oil futures prices are higher, trading around $80.00 a barrel. The University of Michigan consumer sentiment survey is set to be released on Friday, along with other U.S. economic data. From a technical standpoint, the bears still have the slight advantage in gold futures, but the downtrend on the daily bar chart has been negated. The next upside price objective for the bulls is to close December futures above solid resistance at $1,980.00. On the other hand, silver bulls have the overall advantage and momentum, with a fledgling price uptrend in place.

Disclaimer: The information in this article represents the views of the author and may not necessarily reflect those of Kitco Metals Inc. While the author has made efforts to ensure accuracy, neither Kitco Metals Inc. nor the author can guarantee it. This article is solely for informational purposes and should not be considered a solicitation to engage in financial transactions. Kitco Metals Inc. and the author are not liable for any losses or damages resulting from the use of this publication.

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