Gold Bulls Stay in Control Ahead of U.S. Inflation Data and Fed’s Warsh Speech at Jackson Hole
Investors are now turning their attention to fresh signals on the U.S. monetary policy outlook, focusing on Wednesday’s release of the U.S. PCE Price Index, the Federal Reserve’s preferred measure of inflation, and remarks from Fed Chair Kevin Warsh at the Jackson Hole Symposium, which begins on Thursday.
The technical picture continues to favor the bulls, with multiple bullish moving average crossovers and strong upside momentum reinforcing the positive structure on the daily chart. However, overbought conditions suggest the market may be vulnerable to a period of consolidation before extending higher.
Any corrective pullbacks are expected to attract buying interest above the recently reclaimed 200-day moving average at $4,516, which has now turned into solid support and should help preserve the broader bullish outlook while offering more favorable entry levels.
On the upside, bulls remain focused on $4,666, the 76.4% Fibonacci retracement of the $4,889/$3,942 decline. A sustained break above this level would pave the way toward $4,773, the May 12 peak, and bring the record high at $4,889 from April 17 back into focus.
Res: 4666; 4700; 4773; 4833
Sup: 4590; 4516; 4454; 4416
