Gold Hovers Above $1800 as Investors Await Powell’s Speech on Friday
August 26, 2021
Since traders and investors are waiting to hear from the Federal Reserve Chairman Jerome Powell on Friday, this will be the fundamental event that dictates gold’s future direction.
As of 4:53 PM EST gold futures basis, the most active December 2021 Comex contract is trading off by $1.10 and currently fixed at $1805.20. Gold traded to an intraday high today of $1812.20, just below gold’s 200-day moving average, fixed at $1813.30. Gold’s current price of $1805.20 puts it below the 100-day moving average currently set at $1808.90.
In the interim, the long-term moving averages on a technical basis provide an area for resistance.
August 26, 2021
Since traders and investors are waiting to hear from the Federal Reserve Chairman Jerome Powell on Friday, this will be the fundamental event that dictates gold’s future direction.
As of 4:53 PM EST gold futures basis, the most active December 2021 Comex contract is trading off by $1.10 and currently fixed at $1805.20. Gold traded to an intraday high today of $1812.20, just below gold’s 200-day moving average, fixed at $1813.30. Gold’s current price of $1805.20 puts it below the 100-day moving average currently set at $1808.90.
In the interim, the long-term moving averages on a technical basis provide an area for resistance.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.