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Good is consolidating near $1500

Olymp Trade

Gold continues to consolidate in the range of $1490-1510 per ounce. Bears made another attempt to break below $1490-1495, but they failed. This local resistance zone looks pretty strong now. As one of the rules of technical analysis says, the longer the consolidation, the stronger the following trend. In this case, the trend up is quite likely to continue. However, to make it happen, it is necessary to get over the current price range and the level of $1525.

Market attention is focused on Jerome Powell's speech at the Jackson Hole Economic Symposium. Traders want to know more about further monetary policy of the US Central Bank. The FOMC protocol published on Wednesday mentioned recession and the crisis almost for the first time. New information on further interest rate cuts will push gold prices up.

Olymp Trade Review

Source: https://olymptrade.com/
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