Gold traded practically flat for the second consecutive day on Friday, with the XAUUSD rejection from three-month highs near $4,700 hit earlier in the week contained at a previous resistance area, just below $4,600. Market volatility remains subdued on Friday, with investors focusing on Federal Reserve Chairman Kevin Warsh’s speech at the Jackson Hole Symposium, due later in the day. Investors expect Warsh to overcome his distaste for forward guidance and show some hints about the central bank’s
Gold traded practically flat for the second consecutive day on Friday, with the XAUUSD rejection from three-month highs near $4,700 hit earlier in the week contained at a previous resistance area, just below $4,600.
Market volatility remains subdued on Friday, with investors focusing on Federal Reserve Chairman Kevin Warsh’s speech at the Jackson Hole Symposium, due later in the day.
Investors expect Warsh to overcome his distaste for forward guidance and show some hints about the central bank’s near-term policy plans to tame price pressures, amid calls for interest rate hikes from board members.
On Thursday, Kansas Fed President Jeffrey Schmidt said on CNBC that inflation is “still sticky and we’ve got to continue to find ways to break through”.
Later on the day, Cleveland Fed President Beth Hammack reiterated that it is “time to act” to bring inflation back to target.
(Source: OANDA)
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