Gold prices have edged higher the past few days, but a meaningful technical breakout has yet to transpire. Fed Chair Jerome Powell’s speech at the Jackson Hole Economic Policy Symposium should help spur volatility on Friday.
that “a return to the yearly lows set around 1680 is not of the question, even though a significant bearish breakout appears unlikely in the near-term.” The latter proved to be true, with gold prices avoiding a sharper turn lower, instead returning to the descending trendline from the March and April swing highs.
Momentum is improving but remains weak, however, with gold prices above their daily 5-EMA but below their daily 8-, 13-, and 21-EMAs. The EMA envelope remains in bearish sequential order. Daily MACD is still trending lower below its signal line, although daily Slow Stochastics have exited oversold territory.
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