Gold unchanged above $1,290 ahead of Jackson Hole

The ounce troy of the precious metal is alternating gains with losses on Friday just above the $1,290 levels and ahead of the Jackson Hole event.

Gold now looks to Yellen

In the meantime, the safe haven metal appears in a somewhat consolidative-mode around $1,290 after reaching fresh YTD tops just above $1,306 earlier in the month.

However, Bullion is expected to come under pressure in light of today’s speeches by Chief J.Yellen and M.Draghi, with the balance sheet reduction and potential ‘tapering’ on top of the debate, respectively.

The recent effervescence in the US political scenario plus weakness around the greenback has been fuelling the recent demand for the safe haven metal, although a change to a more hawkish view from Chair Yellen today could accelerate the correction lower in Gold.

Gold key levels

As of writing Gold is up 0.08% at $1,293.01 and a break above $1,306.90 (2017 high Aug.18) would aim for $1,318.60 (high Nov.9 2016) and finally $1,344.45 (high Sep.23 2016). On the downside, the immediate support emerges at $1,282.88 (21-day sma) seconded by $1,282.62 (23.6% Fibo of the July-August up move) and then $1,272.70 (low Aug.15).