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By: Ahura Chalki
Market Countdown for Powell’s Speech
The second and last day of Jackson Hole symposium, along with the FED chair, Powell’s speech supposed to make it more clear for market participants about the FED position for any easing measures and new rate cut as soon as September meeting. For now, Gold holds on to losses below $1,500 as the latest risk-on situation in the market. USD getting stronger since leading economical indexes are showing better than expected data. FED future monetary policy with Housing data later today, will give us a clue about where the market goes.
From the technical side, Price still moves under 23.6% Fibonacci with ADX confirmation of the decline being confined by $1,481/80 region including August 13 low and 21-day simple moving average (SMA), breaking this level is opening the door for 61.8% Fibo at $1457 and July month high near $1,452.
Pivot point: 1498.11
Resistance level: 1503.76 / 1510.30
Support levels: 1491.60 / 1485.93
The expected trading range for today is between 1485.93 support and 1510.30 resistance
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