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Gold – Eyeing early summer highs?

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Powell delivers dovish gift

Gold appears to be eyeing its mid-summer highs after Powell’s comments during the virtual Jackson Hole event.

Powell delivered what the markets wanted to hear. No immediate taper, an awareness of the downside risks for the economy and a commitment that tapering and rate hikes remain unlinked.

The dollar softened after the speech and gold rallied back through $1,800. The question now is whether it can mount a run at $1,833, a break of which would send a very bullish signal.

We’re seeing a strong end to the week but time may just not be on gold’s side. Given what we experienced early in the Monday Asia session a few weeks ago, next week could be interesting.

A move above $1,833 will get people talking about $1,900 once more, although it may run into some resistance around $1,860 where it has previously struggled.

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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